The Hindu Business Line : BlueStar Infotech net up 24 pc, to pay Rs 9

SOFTWARE services firm, Blue Star Infotech Ltd (BSIL), has recorded a 13 per cent increase in consolidated net profit to Rs 4 crore and a 51 per cent growth in consolidated sales revenue to Rs 30.7 crore for the quarter ended March 31, 2004 over corresponding period previous year.

The company has decided to pay a dividend of Rs 9 per share (90 per cent on par value of Rs 10 each)

For the year ended March 31, 2004, the company registered a 35 per cent increase in revenue to Rs 105 crore and 24 per cent growth in net profit to Rs 19.9 crore as compared to corresponding previous year.

The company added 11 new customers during the quarter taking the total number of active customers to 60 for the year. Blue Star Infotech has zero debt, Rs 27.7 crore in cash and cash equivalents as on March 31, 2004.

The company added 25 employees added during the quarter, taking total strength to 797 people and its utilisation rate increased to 85 per cent from 83 per cent in the corresponding previous quarter.

Commenting on the performance, Mr Parmod Bhalla, Managing Director, said, "Reaching Rs 100 crore in revenues is a milestone for us. Our focus on enhancing our competency and relationship management has been key in developing existing customers and acquiring new ones.