Vakrangee hits record high after strong Q1 earnings

Vakrangee jumped 6.65% to Rs 138.80 at 14:24 IST on BSE after net profit surged 130.61% to Rs 76.31 crore on 69.39% growth in net sales to Rs 680.87 crore in Q1 June 2014 over Q1 June 2013.

The Q1 result was announced during market hours today, 17 July 2014.

Meanwhile, the S&P BSE Sensex was down 10.65 points or 0.04% at 25,539.07.

On BSE, so far 3.18 lakh shares were traded in the counter as against average daily volume of 4.18 lakh shares in the past one quarter.

The stock hit a high of Rs 139.80 so far during the day, which is a record high for the counter. The stock hit a low of Rs 130.40 so far during the day. The stock had hit a 52-week low of Rs 43.10 on 1 August 2013.

The stock had underperformed the market over the past one month till 16 July 2014, sliding 3.23% compared with the Sensex's 1.43% rise. The scrip had, however, outperformed the market in past one quarter, jumping 33.15% as against Sensex's 14.69% rise.

The mid-cap company has equity capital of Rs 50.35 crore. Face value per share is Re 1.

Vakrangee's PAT margin improved to 11.21% in Q1 June 2014, from 8.23% in Q1 June 2013.

In the Union Budget 2014-15, sum of Rs 2039.64 crore has been allocated for UIDAI, an increase of Rs 489 crore from the last year budget. Vakrangee being India's leading Aadhaar Enrollment agency, this allocation will directly benefit the company, Vakrangee said in a statement.

Vakrangee said that a time bound programme (Sampoorn Vittiyea Samaveshan) would be launched as a comprehensive Financial Inclusion Mission on 15 August this year. Vakrangee with its 4,200 plus Ultra Small Branches up and running for various public sector banks is fully geared up to leverage this huge opportunity to expand this business across the country with initial focus on 14 states, Vakrangee said in a statement.

Vakrangee said it has made operational its white label ATM (WLA) business in the month of June 2014, and shall be rolling out 5,000 WLA by end of this financial year.

Incorporated in 1990, Vakrangee is a prominent system integrator and end-to-end technology intensive service provider by bringing together all hardware, software, networking, data center as well as on-ground skilled resources for various Mission Mode Projects with high national significance under National e-Governance Plan of India. Vakrangee has partnered with nationalized banks, private banks, central government and state governments for successfully implementing these flagship projects that benefits every Indian.

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