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BANGALORE, July 18

KSHEMA Technologies, the Bangalore-based software services company, has registered a net profit of Rs 1.83 crore for the first quarter ended June 30, as against Rs 5.71 lakh in the corresponding period last year.

Revenues for the quarter stood at Rs 13.71 crore against Rs 12.11 crore. Commenting on the results, Mr Anant Koppar, CEO, Kshema Technologies, said, ``Our strategy to cope with the downturn proved prescient. We have come through fine and remained highly profitable. During the quarter we have successfully tied up 11 new customers, mainly from the US. Our sound strategy, resilient business model and relationship building skills all have a vital role to play in managing our growth impressively.''

About 63 per cent of Kshema's revenues came from offshore engagements, while rest from onsite services, said a company press release. North America accounted for 86 per cent of the company's revenues while the rest came from Europe and the rest of the world. Kshema has set up three overseas development centres in the last quarter, the last one being a $1.8 million contract in the area of industrial automation control systems, from a Texas-based firm.

``We are working on widening our technology base to include many more technologies that would help us penetrate markets more extensively. We are eyeing $100 million in the next two to three years. Our ability to drive continuous quality improvement and to initiate, build and maintain profitable customer relationships consistently, will certainly help us realize our targets,'' said Mr Koppar.

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