IT Stock Hits 2% Upper Circuit After Declaring Q3 Results: Details Inside

Adroit Infotech Ltd is a small-cap IT company with a market cap of Rs 98.32 Cr on Tuesday. The stock opened today at a 2% upper circuit level at Rs 18.15 apiece after the company declared its financial results for the quarter ended 31st December 2023.

The company reported a consolidated net income of Rs 7.10 Cr during the quarter which was Rs 5.70 Cr in the year-ago quarter, representing a growth of 24.56% YoY. It posted net expenses of Rs 5.09 Cr during the quarter under review which was Rs 4.17 Cr in the year-ago quarter. Adroit Infotech said its EBIT was Rs 2.01 Cr in Q3FY24 up by 31% from Rs 1.53 Cr reported in the same quarter of FY23. The company posted a net profit of Rs 1.57 Cr in Q3FY24 up by 44% YoY from Rs 1.09 Cr in Q3FY23.

"The Board Considered and Approved the Resignation request of Ms. Triveni Banda Independent Director of the Company due to the personal reasons, giving due consideration to the same, she would be relieved from the Company's Services w.e.f. 5th February'2024, from end of the business hours," said Adroit Infotech in a regulatory filing.

"The Board has taken a note of the administrative warning letter for non-compliance with SEBI (ICDR) Regulations, 2018, and advised the company's administration to ensure to adhere the regulatory compliance in future course of business," the exchange filing further stated.

Adroit is a leading SAP solutions company based in Pune.