Vijay Kedia-Backed Cyber Security Stock Records 23% Rise In Net Profits in FY24

TAC Infosec, the cyber security company backed by veteran investor Vikay Kedia reported strong results in FY24. 

What Happened: TAC Infosec saw its net profit for the financial year that ended in March 2024 rise 23% to ₹6.33 crore. Its profit in the previous year was ₹5.12 crore. The company's revenue from operations gained 16.17% to ₹11.61 crore. The company's EBITDA jumped 19.6% to ₹6.53 crore. 

The company in the regulatory filing said the growth was on account of new clients and better efficiencies in operations. 

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For the half-year that ended in March, the company's net profits jumped 128% to ₹4.40 crore compared to ₹1.92 crore for the half-year that ended in September 2023. Revenue increased by 31.2% to ₹6.60 crore. 

TAC Security offers organisations across various industries a range of risk-based vulnerability management and assessment solutions, cybersecurity quantification, and penetration testing through the "SaaS model". TAC Security made a blockbuster debut on the NSE's SME platform – NSE Emerge on April 5, listing at ₹290, a premium of 174% over the issue price of ₹106.  Ace investor Vijay Kedia holds a 10.95% stake in the company as per shareholding data til April 3, 2024. 

Price Action: TAC Infosec stock closed 3.16% higher at ₹488.30 on Monday. 

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Posted In: EarningsEquitiesNewsMarketsTAC Infosec