Financial Daily from THE HINDU group of publications
Friday, May 28, 2004
Financial Daily from THE HINDU group of publications Friday, May 28, 2004 |
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Corporate Results
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Software Info-Tech - Financial Performance Kale Consultants posts slight dip in revenues Our Bureau
Mumbai , May 27 FOLLOWING its restructuring strategy, the Pune-based Kale Consultants Ltd has posted a 5.1 per cent dip in revenues for the year ended March 31, 2004. The company has recorded total revenues of Rs 48.1 crore for the 2003-04 fiscal compared to Rs 50.7 crore the previous year. The company had net profit of Rs 3.16 crore against Rs 3.14 crore last year. Kale's consolidated total revenues for the year ended March 31, 2004 stood at Rs 57 crore with net profit of Rs 3.5 crore. The restructuring involved sale of software business with Citibank/Orbitech, sale of banking products business, formation of a subsidiary firm to conduct contract and generic software business and the acquisition of Cognosys, a travel technology company. The discontinued business had contributed Rs 15.2 crore last year. "The amalgamation process of Cognosys will take place shortly and revenues from Cognosys would be included from the coming year. We expect to see improvement in margins," Mr Sumeet Nadkar, CFO, told Business Line. For the fourth quarter ended March 31, 2004 the company's consolidated total revenues was Rs 20 crore with net profit of Rs 2.4 crore. "Post-restructuring, our company has become a pureplay in airlines and travel vertical. We plan to grow in chosen areas of revenue accounting, cargo and travel distribution," said Mr Vipul Jain, Managing Director. On future outlook, Mr Nadkar said that the company would focus on consolidating its position in the travel and aviation sector while "actively looking at other areas to cross-sell its products". Meanwhile, the company has informed the BSE that the Remuneration & Compensation Committee of the board of directors of the company has granted 5,50,000 options on May 27, 2004 to the employees of the company and employees of the subsidiary companies under the ESOP scheme, 2003.
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