Ceinsys Tech Ltd Share Price – BSE

IT - Software, Small Cap

Ceinsys Tech has received letter of acceptance from City And Industrial Development Corporation of Maharashtra (CIDCO) for Selection of Service Provider for Implementation of Integrated GIS Enterprises amounting to Rs. 29.20 crore.

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The contract includes various key components such as a drone survey, basemap creation, enterprise GIS development, supply of commercial off-the-shelf software (COTS) with a support period of two years, and operation and maintenance for a period of 36 months.

Additionally, Ceinsys Tech will conduct drone surveys and basemap creation for change detection as per CIDCO’s directions.

The contract will last for three years, including the operation and maintenance period.

Ceinsys Tech is primarily dealing in providing Enterprise Geospatial & Engineering Services and sale of software and electricity.

The company’s consolidated net profit jumped 42.3% to Rs 11.91 crore in Q1 FY25 as against Rs 8.37 crore in Q1 FY23. Net sales was at Rs 73.84 crore in Q1 FY25, registering a growth of 37.2% year on year.

Shares of Ceinsys Tech fell 0.48% to currently trade at Rs 739 on the BSE.

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Ceinsys Tech has successfully allotted equity shares on a preferential allotment basis and share warrants to raise Rs. 235 crore (US $ 28 mn). This move will enable the company to expand through inorganic growth activities while also enabling Ceinsys's international footprint to increase by expanding its services portfolio overseas.

The company has already started its efforts in that direction by recently acquiring the business assets of the USA based geospatial entity VTS. In addition to the investment in the USA, the Company has also expanded its presence to the Asia Pacific region by setting up a wholly owned subsidiary to expand into technology enablement services that will be offered globally.

Rare Capital, a US based investment firm with a successful track record in investing in emerging growth companies has invested almost Rs. 125 crore (US $ 15 million) as part of this preferential allotment. This investment aligns with the firms focus on similar high growth market segments in which Ceinsys Tech operates and the firm's leadership has expressed their excitement around what their investment will enable and how it will contribute to the sustainable growth of the Company.

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Ceinsys Tech announced that the Annual General Meeting (AGM) of the company will be held on 20 September 2024.

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