The Hindu Business Line : Rolta India net jumps 277 pc

ROLTA India Ltd has posted a 277.4 per cent growth in net profit at Rs 16.82 crore for the quarter-ended June 30 compared to Rs 4.46 crore recorded during the quarter-ended June 30. Total revenue showed a 34 per cent increase at Rs 92.63 crore (Rs 69.10 crore).

For the year-ended June 30, 2004 the company registered net profit of Rs 80.50 crore as against Rs 112.28 crore for the 18-month period ended June 30, 2003. Revenues for the year-ended June 30, 2004 stood at Rs 301.05 crore (Rs 383.57 crore for 18-month period ended June 30, 2003).

According to company officials, the 18-month period was due to the reorganisation within the company's business units along with financial restructuring wherein Rolta had converted its domestic debts into foreign currency.

"We saw a 140-per cent jump in exports at Rs 65 crore (Rs 37 crore-18 months) and our order book position at Rs 180 crore shows a healthy pipeline. Going forward we have plans to form a joint venture in area of mechanical design and GIS," Mr K.K. Singh, Chairman and Managing Director, Rolta India Ltd, said.

On a consolidated basis, the Group posted net profit of Rs 63.8 crore for the year-ended June 30 (Rs 80.7 crore - 18 months) with net sales at Rs 350.5 crore (Rs 400.8 crore - 18 months). Following a board meeting, the board of directors of Rolta India Ltd has recommended a dividend at Rs 3 per share.

The board appointed Mr Beharilal, an ex-member of Income Tax Tribunal as an independent director replacing Mr H.P. Ranina, whose resignation as a director was accepted by the board. Mr V.K. Agarwala was inducted as an independent director along with Mr Aditya K. Singh who has been appointed as joint managing director of the company for a 5-year period with effect from September 1.

Interestingly, the IT Department recently scrutinised the company's financial records for alleged creation of fictitious assets to claim depreciation.

According to Mr Singh, the IT Department raid was connected to the scrutiny of documents related to 10A tax incentive offered to software firms and "the papers are in order. This does not have anything to do with the SEBI order.

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Rolta India net jumps 277 pc