R S Software zooms on doubling Q1 net
Posted Rs 9.58 crore net profit in Q1FY13 agaisnt Rs 5 crore in a year ago quarter.
R S Software (India) has zoomed 16% to Rs 98.15, its highest level since January 2001, on reporting almost double its consolidated net profit at Rs 9.58 crore for the first quarter ended June 2012, due to higher operational income and lower depreciation. The small-cap IT software products company had a net profit of Rs 5.01 crore in a year ago quarter.
Income from operations grew 43% at Rs 80.66 on year-on-year basis. Deprecation and amortization expenses however, declined to around Rs 1 crore from Rs 8 crore during the recently concluded quarter.
The stock opened at Rs 88 and hit high of Rs 98.90 on the National Stock Exchange. The trading volumes on the counter surge over ten-fold. As many as a combined 1.98 million shares have changed hands so far, against an average around 170,000 shares that were traded daily in past ten trading days.