Shares of Birlasoft surged 9% to Rs 313.40 on the BSE in intraday trade on Tuesday after the company reported better-than-expected operating results for the fourth quarter in heavy volume.

Its revenue rose 0.5% sequentially to $149.1 million, excluding Invacare, and was up 3.1% successively in constant currency (CC), helped by substantial total contract value (TCV) in previous quarters.

The stock was up 8% at Rs 310.70 at 1:36 pm, while the S&P BSE Sensex was up 0.10%. Over-the-counter volumes jumped nearly 10-fold, with 16.9 million shares, or 6% of Birlasoft’s total share capital, changing hands on the NSE and BSE.

EBITDA margin expanded 20 basis points quarter-on-quarter to 13.6%, an impressive feat considering Invacare-related costs also occurred during the quarter, analysts at Emkay Global Financial Services said in a results update.

Birlasoft said deal signings for the quarter were the best in the year under review at $286 million TCV. Management remains cautiously optimistic about FY24 growth and is focused on execution to sustain sequential revenue growth.

The new CEO (from Wipro) now restructures to focus on growth, especially from the US market (85% of revenue) and appoints four vertical heads for growth in verticals such as Manufacturing, BFSI, Energy and Life science.