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Wednesday, Jan 14, 2004

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Corporate Results - Software

Aztech Q3 net at Rs 20 lakh

Our Bureau

Bangalore , Jan. 13

AZTEC Software and Technology Services has posted a net profit of Rs 20 lakh boosted by other income of Rs 1.17 crore for the quarter ended December 31, 2003 over the corresponding period last year.

Total revenues fell by about 10 per cent to Rs 10.42 crore during this period as against Rs 11.62 crore in the corresponding period last year.

The net profit of Rs 20 lakh is against a consolidated loss of Rs 28 lakh after taking into consideration the other income of Rs 1.91 crore in the corresponding period last year.

Aztec brought down its operating losses (after interest and depreciation) significantly to Rs 80 lakh this year (Rs 1.86 crore).

Announcing the results, Mr S. Parthasarathy, Chairman-cum-Managing Director, said, "We are glad to announce a third consecutive quarter of profits, this year and this has been possible due to our undeterred focus on new business development. We are seeing significant traction in business and are investing on sales and delivery capabilities".

The company has added four new customers during the quarter and has signed a large contract with mid-sized CRM major which substantially extends current relationship to focus on value-added engineering services over the next two years.

Aztec added close to 100 people during the quarter and opened its second development centre in Bangalore. The company continues to enjoy a liquid balance sheet with cash and cash equivalents of Rs 78.6 crore on its balance sheet.

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