40 per cent from 52-week low: IT company receives purchase order of Rs 29.86 crore from Protean eGov Technologies Ltd

Orient Technologies Limited has secured a significant Purchase Order from Protean eGov Technologies Limited for AWS Infrastructure Procurement, Setup, and Support. This five-year engagement is estimated to be worth approximately Rs 29.86 crore (exclusive of taxes and subject to consumption-based variations). This new order marks a substantial expansion of Orient Technologies' presence in the enterprise cloud solutions and managed services sector.

Incorporated in July 1997, Orient Technologies Limited is a rapidly expanding IT solutions provider headquartered in Mumbai, Maharashtra. The company operates across several business verticals, including IT Infrastructure, IT Enabled Services (IteS), and Cloud and Data Management Services. It has recently ventured into the "Device as a Service (DaaS)" model, offering a range of devices bundled with software and managed services on a subscription basis. Orient Technologies plans to allocate Rs 69.57 crore from IPO proceeds to enhance its DaaS segment.

The company collaborates with technology leaders like Dell, Fortinet, and Nutanix to deliver advanced solutions, catering to industries such as BFSI, IT, ITeS, and healthcare. With a diverse clientele, including Coal India and Mazagon Dock Shipbuilders, the company generates most of its revenue from India. The revenue bifurcation for FY24 shows IT Infrastructure Products and Services contributing 52 per cent, ITeS 22 per cent and Cloud and Data Management Services 26 per cent.  

The market capitalisation of Orient Technologies Limited is over Rs 1,400 crore. The Price-Earnings (PE) Ratio stands at 30. The stock is up over 40 per cent from its 52-week low of Rs 247.55 per share.

Disclaimer: The article is for informational purposes only and not investment advice.