Vakrangee jumps 7% as firm becomes debt free

NEW DELHI: Shares of Vakrangee jumped 7 per cent in Thursday’s trade after the company said it achieved the full debt free status during the March quarter.

In a filing to BSE, the company said, “Over the last 5 years, the company has repaid almost Rs 750 crore short-term debt and hence achieved Short-Term Debt Free status as on date today.”

Following the development, the scrip surged 6.83 per cent to hit a high of Rs 389 on BSE, eventually closing at Rs 388.85, up 6.80 per cent.

The technology company registered a robust 39 per cent growth in its consolidated net profit at Rs 152 crore for March quarter compared with Rs 109 crore in the same quarter last year.

Consolidated net revenue for the March quarter stood at Rs 1144.99 crore, compred with Rs 879.96 crore for the corresponding quarter last year, registering a growth of 30.12 per cent.