The Hindu Business Line : Infotech net, revenue up

INFOTECH Enterprises Ltd has recorded consolidated operating revenues of Rs 78.22 crore and a net profit of Rs 9.74 crore for the quarter ended June 30, 2005, reflecting an increase of 35 per cent in revenues (Rs 57.92 crore) and 9.2 per cent (Rs 4.75 crore) in profit over the corresponding quarter last year.

Last fiscal, the company recorded a total income of Rs 257.13 crore and a net profit of Rs 24.92 crore.

The Chairman and Managing Director, Mr B.V.R. Mohan Reddy, said, "The strong revenue growth was supplemented by the recently acquired offshore operations of Tele Atlas. Profitability of our operations was impacted by a charge in revenue and delivery mix as well as by foreign exchange variations."

The company added 701 associates during the quarter, which included 540 of Tel Atlas India operations. This was coupled with the acquisition of 10 new clients across verticals.

Later, at the AGM, Mr Reddy said, last year, the company added 410 people and acquired 600 more through the Tele Atlas acquisition. This brings the total headcount past the 3000 mark.

The company's shares today opened at Rs 286, as against the previous close of Rs 282.55. However, it ended the day at Rs 282.55, with about 4.68-lakh shares traded on the NSE.

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