A small IT company that has grown its profit and dividend every single year — the one worry is that this profit keeps not turning into actual cash.
IT Consultants is a steadily growing, dividend-paying technology company that suits patient, income-minded investors who want a rising yearly payout and don't mind owning a small firm. The catch you must accept is that its reported profit has not been showing up as actual cash from operations, and its borrowing has climbed lately — so the fair way to judge its price is to compare today's price with its own past pricing, its earnings, its assets and its dividend (the live value box beside this report does exactly that).
Value today
Looks cheapToday
৳53.1
Rough estimate
৳76.7
Based on its own past price levels, what similar companies trade at, the value of what it owns and the dividend it pays. · low confidence
- Its own usual price vs profit৳60.1
- Priced like similar companies (profit)৳137
- Its own usual price vs asset value৳46.5
- Based on the dividend it pays৳20.0
A rough, educational estimate from the figures we have — not a price target or advice.
Data as of 2026-07-16
What does this company do?
IT Consultants is a small technology company, listed on the Dhaka Stock Exchange since 2016, with about 12.9 crore shares and around 156 crore taka of yearly sales.
IT Consultants PLC (trading code ITC) is a Bangladeshi company in the information-technology sector, listed on the Dhaka Stock Exchange since 2016. By market size it is small: it has about 12.9 crore shares, a paid-up capital of about 128.6 crore taka, and built-up reserves of about 140.9 crore taka. Each share has a face value of 10 taka.
In its latest financial year (2025) the company earned revenue of about 156.4 crore taka and a net profit of about 46.5 crore taka. That makes it a modest-sized but genuinely profitable business rather than a large blue-chip.
The people who founded and run the company (its sponsors and directors) still own just over half of it — 51.09%. The rest is held by ordinary investors like you (about 31.3%) and institutions (about 17.58%), with almost no foreign holding. The fact pack does not spell out the exact products and services it sells, so this report leans on its financial record.
How does it make money?
It earns by selling technology services and solutions; sales have grown slowly but profit has grown fast, because it keeps more of each taka of sales.
As an IT-sector company, IT Consultants makes its money by selling technology services and solutions to its customers. Its yearly sales have risen from about 133.6 crore taka in 2021 to about 156.4 crore taka in 2025 — a gain of about 17% over five years. The path was bumpy: sales dipped to about 101.5 crore taka in 2022 before recovering and rising each year after.
The more striking part is profit. Operating profit (what the core business earns before financing and tax items) climbed from about 26.7 crore taka in 2021 to about 56.9 crore taka in 2025 — more than double. Because profit more than doubled while sales rose only modestly, the company is clearly keeping a bigger slice of every taka of sales as profit than it used to.
In 2023 the company also made an unusually large investment of about 44.5 crore taka in a single year (versus tiny amounts in other years), a sign it was building capacity. The fact pack does not detail exactly what that spending was for.
Is it actually making money?
Yes — profit has risen every single year, more than doubling over five years, though much of that came from fatter margins rather than fast sales growth.
On profit, the record is genuinely strong and steady. Net profit rose in a straight line: about 19.8 crore taka (2021), 24.0 (2022), 31.5 (2023), 38.3 (2024) and 46.5 crore taka (2025). Over the five years that is growth of about 135%, with no down year in the whole window.
Profit per share tells the same story, rising from 1.54 taka (2021) to 3.62 taka (2025) — also about 135% higher. Steadily rising earnings per share is exactly what a long-term investor hopes to see.
One honest caveat: much of this growth came from higher margins rather than from selling a lot more. Sales grew only about 17% while profit grew about 135%. Margin gains like that are welcome, but they can be harder to repeat year after year than growth that comes from rising sales. And the company's own nine-month update for the current year (to March 2026) reported slightly lower profit per share than a year earlier, so the very latest momentum has cooled a little.
Is it financially safe?
Debt is still smaller than its own money and its credit rating is high, but the standout worry is that cash from running the business has been negative for five years straight.
On the balance sheet, the company looks reasonably solid. Its own money (equity) grew steadily from about 211.9 crore taka in 2021 to about 299.0 crore taka in 2025, and its cash on hand rose from about 14.9 to about 43.2 crore taka. A credit-rating agency (CRAB) rated it "AA1" for the long term with a stable outlook in late 2025 — a high, reassuring grade.
Borrowing needs watching, though. Debt was almost nothing for years (about 2.26 crore taka in 2021, and just 0.41 crore in 2023) but has jumped quickly to about 47.7 crore taka in 2024 and about 96.1 crore taka in 2025. Against its own money, debt went from near-zero to about a third of equity (a debt-to-equity of 0.32). That is still comfortably below its equity, so it is manageable — but the direction is worth keeping an eye on.
The single biggest thing to understand is cash. For all five years, the cash actually generated by running the business was negative: about -8.23 crore taka (2021), -8.12 (2022), -9.14 (2023), -12.0 (2024) and -13.1 crore taka (2025). In other words, the rising profit on paper has not been turning into cash in the bank from operations — the growth is being supported by borrowing and other means. Encouragingly, the company's own nine-month interim update (to March 2026) reported positive operating cash per share, so this may be improving; but the multi-year record is the key caveat for this stock.
How do we judge if it's fairly priced?
We judge the price by comparing it four ways — to its own past pricing, to similar companies, to its asset value and to its dividend — not by any single number.
To decide whether the share is fairly priced, the sensible approach is to compare today's price against several yardsticks rather than guess. The durable inputs are its profit per share, which was 3.62 taka in the latest year, and its asset value per share (what one share would be worth if the company sold everything and paid off its debts), which rose to about 23.25 taka in 2025 from about 16.48 taka in 2021.
Four comparisons are used together. First, its own history: over the years the market has, on average, paid roughly 16 to 17 taka for every 1 taka of yearly profit per share — so today's price can be checked against that habit. Second, how similar IT companies are priced. Third, the price against the company's asset value per share. Fourth, the price against the dividend it hands out.
This report deliberately does not state today's price, today's profit-multiple, the dividend percentage return, or a "cheap or expensive" verdict — all of those move with the daily price and are shown live in the value box beside this report. Here we only explain the method and give you the durable figures that sit behind it.
Value today
Looks cheapToday
৳53.1
Rough estimate
৳76.7
Based on its own past price levels, what similar companies trade at, the value of what it owns and the dividend it pays. · low confidence
- Its own usual price vs profit৳60.1
- Priced like similar companies (profit)৳137
- Its own usual price vs asset value৳46.5
- Based on the dividend it pays৳20.0
A rough, educational estimate from the figures we have — not a price target or advice.
Does it reward shareholders?
A reliable and rising cash dividend — up every year for five years to 12% of face value — and it uses only about a third of profit, so it looks safe.
This is one of the company's clearest strengths. It has paid a cash dividend every year, and raised it every year: 5% of face value in 2021, then 6%, 10%, 11% and 12% for 2025. On a 10-taka face value, that means the cash paid per share rose from 0.5 taka to 1.2 taka.
The most recent dividend, for the year ended June 2025, was 12% cash — that is 1.20 taka per share — declared in October 2025. Five straight years of rising payouts is the kind of consistency income-focused investors look for.
Just as important, the payout looks safe. With profit per share of 3.62 taka and a dividend of 1.20 taka, the company is paying out only about a third of its yearly profit and keeping the rest inside the business. A payout that modest has room to continue even if a year turns weaker. (The dividend measured against today's price — the "yield" — moves with the price and is shown live beside this report.)
What makes it special?
Its edge is a rare record of rising profit and dividends in a sector where several rivals' earnings fell last year, plus committed majority owners — but it is still a small firm, cash-flow caveat included.
IT Consultants' main advantage is consistency. Among the IT companies in this fact pack, several saw their earnings fall in the latest year — for example Genex Infosys (down about 17%), Agni Systems (down about 30%), Daffodil Computers (down about 24%) and BDCOM (down about 3%) — while IT Consultants' own earnings kept rising (profit per share went from 2.98 to 3.62 taka). Growing while peers shrink is a real, if modest, sign of strength.
It has also improved how much profit it squeezes from each taka of sales (operating profit more than doubled over five years while sales rose only about 17%), and its founders and directors still own a majority of the company (51.09%), which usually means management's interests are aligned with ordinary shareholders.
Be honest about the limits, though: it is a small company in a competitive field, its revenue growth has been slow and bumpy, and the years of negative operating cash flow undercut the quality story. So the edge is real but narrow — a steady grower, not an unassailable giant.
Why it could do well
Rising profit, a steadily rising and well-covered dividend, low debt and committed majority owners are the real positives.
- Profit has risen every year, more than doubling (about +135%) over 2021–2025, with profit per share up from 1.54 to 3.62 taka.
- The cash dividend has been raised every year for five years, reaching 12% of face value (1.20 taka per share), while using only about a third of profit — so it looks sustainable.
- The balance sheet is reasonable: debt (about 96.1 crore taka) is still well below its own money (about 299.0 crore taka), and a rating agency gave it a high "AA1" long-term grade.
- Founders and directors own a majority (51.09%), aligning their interests with outside shareholders.
- It kept growing earnings while several IT-sector peers saw theirs fall in the latest year.
What could go wrong
Negative operating cash flow for five years, fast-rising debt and a recent dip in quarterly earnings are the real risks.
- The cash from running the business has been negative for five years in a row (about -13.1 crore taka in 2025) — the reported profit is not turning into operating cash, which is the single biggest concern.
- Borrowing has jumped fast, from almost nothing to about 96.1 crore taka in two years (debt-to-equity from near-zero to 0.32).
- Recent momentum has cooled: the company's own nine-month update to March 2026 showed lower profit per share (2.70 taka) than the same period a year earlier (3.00 taka).
- Profit growth leaned heavily on fatter margins rather than sales — revenue rose only about 17% over five years and even dipped in 2022 — which can be harder to keep repeating.
- It remains a small company in a competitive sector, and the fact pack does not detail its exact products, so its future rests on niches this data does not fully reveal.
So, is it for you?
Best for patient, income-minded investors who want a steady, rising dividend and can live with the cash-flow caveat; not for those who need profit to equal cash today.
IT Consultants suits a patient, long-term investor who values a steady and rising yearly dividend and consistent profit growth, and who is comfortable owning a smaller company. Five straight years of rising earnings and payouts, majority insider ownership and a high credit rating are genuine positives.
The one thing you must make peace with is cash. For five years the business has reported growing profit while its operations consumed cash rather than produced it, and its borrowing has climbed. If that gap between profit and cash keeps up, it is a real risk; if the recent interim improvement holds, the story gets stronger. Watch the cash flow more closely than anything else.
Whether the price is attractive right now is a separate question, answered by the live value box beside this report, which compares today's price with the company's own history, its peers, its assets and its dividend. This write-up only gives you the durable business picture to judge that against.
This is educational information, not investment advice.