Brightcom Group Shares Hit Upper Circuit For Sixth Straight Session On Robust Q1 Results

Shares of Brightcom Group have hit upper circuit for the sixth straight session today. The stock has been hitting the upper circuit continuously since August 16 and marked day's high of Rs. 48.8 per share on the NSE. Meanwhile, benchmark indices after opening lower on weak global cues pared losses and last Nifty at around the time of writing this copy at 10:07 am traded higher by 0.4% at 17,563.

The stock from the IT enabled services industry has been on the roll after it posted decent quarterly numbers for the June ended quarter of the Fy23. The company's net profit for the period jumped by a healthy 162.66% YoY to Rs. 277.2 crore, Consolidated income from operations almost doubled YoY to Rs. 1480.61 crore from Rs. 654.05 crores during the same period last year.

The company is a debt free concern with a sound Return of Equity of 17.22%. Also, the stock is trading at a cheap valuation with TTM PE of 9.05 as against sector PE of 29.52.

Scrip of Brightcom Group in the last one-year has produced multibagger returns to the tune of 175%, while its YTD returns are in the negative at 55%.

Brightcom Group is a small cap service company engaged in providing digital marketing services, and development of computer software and services.