eClerx Services hits 20% upper circuit after robust Q4 results, touches new 52-week high

Section: Market

Tags: eClerx Services

Mumbai: Amid robust quarter-four numbers, eClerx Services shares on Friday hit a 20 per cent upper circuit, touching a new 52-week high at Rs 1,617.35 on the BSE. The stock earlier had hit a record high of Rs 1,775 in August 2016.

In early trade, a combined 192,000 shares changed hands, so far, and there were pending buy orders for around 45,000 shares on the NSE and BSE. The benchmark S&P BSE Sensex was up 0.60 per cent at 52,616 points and Nifty trading above 15800 levels in comparison.

In the last five days, the stock has traded flat between Rs1250-1300 per share levels, however, it surged in the last two days the stock surged over 25 per cent and around 45 per cent since May 26.

The company reported 39 per cent growth in the fourth quarter profit at Rs 98.8 crore in FY21, while EBIT margins improved 295 basis points (bps) to 27.6 per cent, mostly led by lower sales and development expenses and higher gross margins.  

The company said the total delivery headcount as of March 31, 2021 stands at 11,831 – an increase of 40 per cent year on year. And, its revenues grew 19.3 per cent quarter on quarter (QoQ) in constant currency terms and 19.7 per cent quarter on quarter in reported terms.

eClerx, a technology company, provides business process management, automation and analytics services to a number of Fortune 2000 enterprises, including some of the world's leading financial services, communications, retail, fashion, media & entertainment, manufacturing, travel & leisure and technology companies.