Magellanic Cloud Limited ("MCLOUD"), engaged in majorly three business segments i.e., IT solutions & human capital, E-surveillance, and Drones Manufacturing & allied services, recorded a significant order win in the E-Surveillance Segment from well-established Public Sector Bank.
MCLOUD, through its wholly owned subsidiary, Provigil Surveillance Limited, has secured an order to provide end-to-end implementation and management of E-surveillance of ATM sites in 8 geographical circles spread across India.
The contract is awarded post competitive bidding and will enable MCLOUD to provide ESurveillance services to 3,032 ATM sites of a well-known Public Sector bank.
MCLOUD through this contract will generate revenues to the tune of ~Rs. 130 Mn. per year for the five-year contract period. Considering the scale of contract and scope of services, this order will likely yield healthy profit margins and add a new reputable client to our existing list of marquee clientele.
This order-win is a testimony of MCLOUD's dominant presence in the E-surveillance segment and showcases the trust placed by clients in MCLOUD's team and provision of quality of services.
Commenting on the Order-Win, the Management Team of MCLOUD stated: "We are pleased to share a significant order-win by our subsidiary Provigil Surveillance Limited from well established PSU Bank. The order comprises of providing end-to-end implementation and management of high-end tech-based Surveillance Equipment in 3,032 ATM sites of the bank in 8 geographical circles spread across India for a period of 5 years. This order-win furtherstrengthens our existing order-book and enhances our dominant position in ATM surveillance space.
The order acts as a testimony to the trust placed by our clients in our client centric, reliable, and step ahead quality of services.
We expect to realize revenue of ~ Rs. 130 Mn per year over the five years contract period. Further, the current order will yield healthy EBITDA Margins majorly led by the scale of contract. This will in turn help us to maintain healthy EBITDA margins on a consolidated basis.
This order will help us to get one step closer towards achieving our growth goals and becoming the preferred partner for e-surveillance services to various organizations.
Shares of Magellanic Cloud Ltd was last trading in BSE at Rs. 582.85 as compared to the previous close of Rs. 555.10. The total number of shares traded during the day was 6896 in over 165 trades.
The stock hit an intraday high of Rs. 582.85 and intraday low of 582.85. The net turnover during the day was Rs. 4019333.00.