This small-cap IT stock has delivered multibagger returns and has touched a 52-week high today
Shares of GSS Infotech have surged more than 300% in one year.
The shares of multibagger GSS Infotech Ltd have zoomed more than 10% since its last trading session on Monday as it announced its financial results for the second quarter and half year that ended on September 30, 2022. In today’s intraday session, the shares of the company hit a fresh 52-week high of Rs 338.
Because of possible recession conditions in US and European markets, interest rates are being drastically increased to fight inflation. Since most of the revenue of IT companies comes from international clients, the global markets have largely affected these companies as a result of a decline in earnings. However, certain small-cap IT stocks have outperformed the Indian indices delivering extraordinary returns. Shares of GSS Infotech have given almost 315% returns in a year while consistently hitting its upper circuits. The stock is up by almost 28% since last month.
Established in 1999, GSS Infotech Ltd primarily provides Information Technology (IT) services and solutions to small, medium and large businesses, government, Telecom, Cloud and healthcare customers across the globe. The offerings range from software services to managed infra and IT solutions such as mobility, security, data centre optimization, cloud computing, virtualization and collaboration. The company earns its most revenue from the United States (92%), followed by India (4%) and Bangladesh (4%). The company is headquartered in Hyderabad and has offices in Connecticut and New Jersey.
In its quarterly results of Q2FY23, GSS Infotech reported consolidated operating revenue of Rs 31.41 crore with flat growth of 0.9% on a YoY basis from Rs 31.12 crore. However, Profit after Tax (PAT) jumped 319% to Rs 6.00 crore from Rs 1.43 crore in the previous year’s same quarter. The company reported an EPS of Rs 3.55 from Rs 0.84 for Q2FY23.
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