Rs 414.40 crore order book: IT company receives purchase order of Rs 30,81,18,999 from The New India Assurance Company Ltd

Orient Technologies Limited has received a purchase order from The New India Assurance Company Limited for an Annual Maintenance Contract (AMC) of network, backup, and storage devices. The contract is valued at approximately Rs 30,81,18,999 (inclusive of GST) and will be executed over a period of three years. This order is expected to strengthen the company's position in providing managed services for network, backup and storage infrastructure.

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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 1,200 crore. The Price-Earnings (PE) Ratio stands at 25. The stock is up by 27 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.