Sylph Technologies Ltd signs MoU for order worth Rs. 35.75 crores

Sylph Technologies Ltd. has signed an non-binding Memorandum of Understanding for order worth Rs. 35.75 crores from Mist Music Private Ltd for "Production of Songs and related Digital Contents, associated technology support, Modes media and format for the program which shall include entire digital eco system and end to end support and solutions but not limited to Productions services including recording, digitisation, videos, design, and distribution networks in country and worldwide.

The above order strengthens our commitment and will be executed in next 12 months, i.e., FY2022-23 and FY 2023-24.

Commenting on the order received Mr Pranay Vaid - Director: "We are very happy to announce that signing of MOU for this significant order win worth - Rs. 35.75 crs from Mist Music P Ltd which is First ever Digital production and content order awarded to Sylph Technologies Ltd. This order has enabled us and further strengthened our commitment to establish our presence in digital production content and acts as a testimony of confidence placed by our clients. We shall remain committed for our continuous efforts to design, produce and execute the orders in time as per the mandate and while following the best and acceptable industry standards.

Further this order win showcases our strength in executing large orders, developing products with cutting edge technological driven research and development and most importantly the approach of organic strength towards achieving its ultimate mission of delivering innovative, cost-efficient and modern media production backed by agile technology based service implementation teams.

On the financial front, this order wins strengthens our already robust business model and is expected to yield good margins going forward.

We believe that this is just the start of an exciting phase in the growth journey of our new technology driven business model and with our expertise, domain knowledge and sophisticated digital transformation prowess we are rightly equipped to capitalize on the opportunity that lie ahead of us across geographies."

Shares of SYLPH TECHNOLOGIES LTD. was last trading in BSE at Rs. 44.85 as compared to the previous close of Rs. 42.80. The total number of shares traded during the day was 78546 in over 493 trades.

The stock hit an intraday high of Rs. 44.90 and intraday low of 40.70. The net turnover during the day was Rs. 3415852.00.

Source : Equity Bulls

Keywords

SYLPHTECHNOLOGIES INE706F01013 OrderWin MoU MistMusic