Datamatics share price surges 9% on patent win for developing new software

Shares of Datamatics soared 8.6 per cent at Rs 626 per share on the NSE in Wednesday’s intraday trade. This came after the company today announced that it was granted a patent for its AI-powered document processing software TruCap plus. 

According to the digital technologies firm, the software is the system and method of automated document processing for structured, semi-structured and unstructured documents. 

Datamatics TruCap plus automates data extraction from complex structured, semi-structured and unstructured documents. With AI at the core, it enables template-free approach, and delivers a greater straight-through processing (STP) with a high accuracy. 

“It enables customers to leverage the power of GenAI for processing complex and unstructured documents such as legal documents, financial statements, medical images, drawings, graphs, emails, etc. Additionally, it allows customers to query and analyse extracted data using natural language querying features,”  the company said in an exchange filing.

 

Datamatics reported results for the fourth quarter of FY24, with steady quarter-on-quarter (QoQ) growth in revenue and earnings before interest and taxes (EBIT). The company's Q4FY24 revenue surged by 11.8 per cent QoQ to Rs 413 crore.

Similarly, Datamatics' EBIT for Q4FY24 rose by 27.8 per cent QoQ to Rs 56 crore. On an annual basis, Datamatics recorded a revenue of Rs 1550 crore for FY24, reflecting a solid 6.2 per cent increase compared to the previous fiscal year. 

At 12:49 PM; the stock was trading 7.1 per cent higher at Rs 617 per share on the NSE. In comparison, the NSE was down marginally, by 0.05 per cent. Presently the stock is trading at a price to earnings multiple of 17.26 times.