IT stock sets record date for 4:1 bonus shares, scrip up 105% from 52-week-low

With a market valuation of ₹1,559.07 Cr, Magellanic Cloud Ltd. is a small-cap company that operates in the IT industry. Digital cloud professional Magellanic Cloud trades on the Bombay Stock Exchange (BSE). There are several brands that symbolize Magellanic Cloud, and they have operations in Asia, Europe, and USA. The Board of Directors of Magellanic Cloud has established a record date for the purposes of the 4:1 bonus share.

Magellanic Cloud said in a stock exchange filing that Wednesday, 22nd March, 2023 has been fixed as the record date for the purpose of issue of Bonus Shares in a ratio of 4:1 i.e. Four Equity Shares of Rs. 10/- each fully paid up for every One Equity Share of Rs. 10/- each fully paid up held as on the record date decided for this purpose.

A meeting of the Board of Directors of the Company is scheduled on Tuesday, 14th March, 2023, to recommend and approve the issue of bonus shares to the existing equity shareholders of the company.

During Q3FY23, the company recorded net revenue of ₹133.68 Cr, up by 101.84% YoY from ₹66.23 Cr recorded in Q3FY22. The company said its EBITDA stood at ₹34.48 Cr in Q3FY23, up by 525.69% from ₹5.51 Cr recorded in Q3FY22, whereas the EBITDA margin reached 25.79% in Q3FY23 compared to 8.32% in the same quarter of FY22. The company recorded a net profit of ₹17.35 Cr recorded in Q3FY23, up by 341.13% YoY, from ₹3.93 Cr in Q3FY22, whereas the company recorded a profit before tax of ₹23.27 Cr in the quarter ended December 2022, up by 428.80% from ₹4.40 Cr recorded in the quarter ended December 2021. The EPS of Magellanic Cloud stood at ₹6.18 in Q3FY23 compared to ₹1.56 in Q3FY22.

“We are pleased to announce our Q3 and 9M FY23 results, the revenue from operations stood at ₹1,327.62 Mn & ₹3,127.76 Mn respectively, recording a robust growth of 104.37% over Q3 FY22 and 67.14% over 9M FY23. The EBITDA Margins stood at 25.79% in Q3 FY23 and 28.17% in 9M FY23, mainly driven due to inclusion of E-surveillance segment through the acquisition of E-Surveillance Companies and robust increase in the demand of our ITES. The E-surveillance segment is performing as per our expectations and we have seen a significant improvement in our IT and human capital solutions business segment. We reported a PAT of ₹173.54 Mn & ₹560.96 Mn for Q3 FY23 and 9M FY23 respectively,” said MCLOUD’s management.

The shares of Magellanic Cloud touched a fresh 52-week-high level of ₹557.80 at afternoon deals and then closed at ₹555.10 apiece level with an upside gap of 3.85%.The stock recorded a net volume average of 64,142 shares and deliverable volume average of 45,432 shares or 70.83%. In the last 5 years, the stock has generated a multibagger return of 1,023.91% and in the last 3 years, it has generated a multibagger return of 1,672.66%. 

In the last 1 year, the stock has gained 34.75% and on a YTD basis, it has gained 20.45% so far in 2023. The stock touched a 52-week-low of ₹270.50 on (27/05/2022), indicating that after marking a fresh 1-year high today, the stock was seen trading 105.21% above the 1-year low. During Q3FY23, the company recorded a promoter shareholding of 60.58% and a public stake of 39.42%.

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