Veritas Share Price Hits 52-Week High as Consortium Bags ₹155.85 Cr BMC Order

On 19-Mar-24 Veritas (India) shares witnessed a surge in early trading hitting a 52 week high of ₹950.55. This rise came after the company received an order worth ₹155.85 crore from the Brihanmumbai Municipal Corporation (BMC). At the time of writing, Veritas share price are locked in a 2% upper circuit indicating a surge in demand, there are pending buy orders for 31,115 shares with no sellers currently available in the market.

Veritas (India) Ltd, with Genesys, Secures BMC Letter of Acceptance: Order Details Here

Veritas (India) Ltd, in partnership with Genesys International Corporation Ltd secured a Letter of Acceptance from BMC for a project focused on the Development, Implementation and Maintenance of a 3D City model using Geospatial Technology. The contract value stands at approximately ₹155.85 crore.

The project aims to establish a comprehensive mapping platform, integrating various layers such as the 3D reality mesh model, base map with advanced features, street imaging, Digital Surface Model and Digital Terrain Model. Additionally, it includes the creation of a change detection map. These tools will empower municipal departments, government agencies and citizens to make informed decisions contributing to the city's growth.

Company Statement regarding BMC Order

Veritas, in partnership with Genesys International Corporation, has officially confirmed the receipt of the Letter of Acceptance from BMC. The company emphasized the importance of this project in enhancing urban planning and fostering sustainable growth in Mumbai.

Sajid Malik, CMD of Genesys International Corporation, expressed enthusiasm regarding the partnership highlighting its potential to lead Mumbai into a new era of development. He stressed the role of advanced geospatial solutions in redefining urban planning and enhancing the quality of life for residents.

Financial Performance & Stock Return of Veritas (India) Ltd

In December 2023, Veritas recorded impressive financial growth compared to the same period in 2022. Their net sales surged by 131.4% to reach ₹1,323.90 crore, up from ₹572.12 crore. Quarterly net profit also increased rising by 282.86% to ₹95.80 crore from ₹25.02 crore. EBITDA stood at ₹111.12 crore marking a notable rise of 178.29% from ₹39.93 crore. Moreover, Veritas earnings per share rose to ₹35.73 in December 2023, substantially improving from ₹9.33 in December 2022.

Veritas shares have recorded growth over various time frames. In the past month, the share price surged by 40.45%. Over the past 6 months it saw an impressive increase of 304.49%. Year to date, the shares are up by 73.65%. Looking back over the past year Veritas shares have soared by an astonishing 489.12%.

To Summarize

The agreement between Veritas (India) Ltd, Genesys International Corporation Ltd, and BMC marks a major step forward in Mumbai's digital progress. It has the potential to transform urban planning, enabling better decisions and sustainable growth in the city.