Vakrangee will provide GST services through its Kendras
Bhagyashree Vivarekar / 18 Apr 2017
Vakrangee is set to provide GST registration services through its Vakrangee Kendra outlets that derived 53% of total revenue of Vakrangee in FY16. Stock hit 52-week high in intraday trade.
Vakrangee, a technology company providing e-governance services across the country, is set to provide GST registration services through its Vakrangee Kendra segment. Company’s board approved to provide services of GST registration, including filing of returns, payments and other value added services.
The stock of Vakrangee surged as much as 2.5% at Rs 344.4, and hit a new 52-week high at 354.4 levels.
Company that holds first mover advantage of leveraging huge opportunity from Rs 1.1 trillion of Digital India mission, will now be the first to benefit from implementation of GST across the country. Currently, company has 35000 plus Vakrangee Kendras across 16 states and 5000 postal codes.
Company derives nearly 53% revenue through Vakrangee Kendras and saw a revenue growth of 41.9% from Kendra segment in FY16, offsetting de-growth from e-commerce segment. Going forward company intends to increase the outlets to 75000 (50000 rural and 25000 urban) by 2020.
Apart from e-governance, company provides banking and other financial services. Company has tied-up with various logistics and courier service providers for forward delivery, and reverse pick-up through its outlets. Going forward, company expects alliance with IOC to set up 20000 plus Vakrangee Kendras in IOC retail outlets.
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