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Infotech Enterprises Q3 revenues up; net slips

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Infotech Enterprises Ltd. has posted total revenues of Rs 31.95 crore for the quarter ended December 31, 2002, an increase of about 16.4 per cent; but profit after tax was lower at Rs 6.82 crore as against Rs 8.32 crore for the corresponding quarter last year.

Dip in profit was mainly to due to significant increase in operating investments and higher depreciation costs.

For the nine-months ended December 31, 2002, Infotech revenues were up 27.9 per cent at Rs 89.89 crore as against Rs 70.27 crore and profit after tax was Rs 19.6 crore as against Rs 17.80 crore, an increase of 10.4 per cent. Sequentially, the company posted 7.4 per cent increase in its revenues and the profit after tax increased by 4.5 per cent. The Chairman and Managing Director, Infotech Enterprises, Mr B.V.R. Mohan Reddy, said: "in the last quarter, we added 15 new clients. Our sequential growth in both revenues and profits was healthy. Our performance in engineering and IT services has been very good.''

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