Financial Daily from THE HINDU group of publications
Saturday, Apr 22, 2006
Financial Daily from THE HINDU group of publications Saturday, Apr 22, 2006 |
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Info-Tech
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Financial Performance Corporate Results - Software PSI Data back in black; posts net of Rs 1.83 cr Our Bureau
Bangalore April 21 , Higher net profits by its wholly owned subsidiary Birla Technologies Ltd, has helped PSI Data Systems, the IT solutions business of the Aditya Birla Group, to get back into the black for the year-ended March 31, 2006. On a consolidated basis, PSI Data posted a net profit of Rs 1.83 crore on revenues of Rs 85.78 crore for financial year 2006, as compared to a net loss of Rs 2.43 crore on revenues of Rs 82.13 crore in the previous year. However, on a stand-alone basis PSI Data continued to make losses. The company managed to bring down its net losses to Rs 1.23 crore on flattish revenues of Rs 59.80 crore for FY06 against net loss of Rs 2.01 crore on revenues of Rs 59.79 crore in FY05.
March quarter
For the March quarter, the consolidated net profit stood at Rs 1.53 crore on revenues of Rs 25.48 crore as against a net loss of Rs 37.43 lakh on revenues of Rs 19.84 crore in the fourth quarter of 2005. Sequentially, the revenues grew 20 per cent while net profit was up 159 per cent over the quarter ended December 31, 2005. Mr Sampath Iyengar, CEO, PSI Data said "The positive profitability for fiscal year 2005-06 is a signal that PSI is in resurgence. Our strategic direction is focused on long-term dominance of chosen markets. The company has already built traction through a differentiated market strategy and deeper value propositions to our customers."
Offshore leverage
Increased offshore leverage helped the company to clock the profits, he said. PSI closed 2005-06 with an offshore-onsite ratio of 52:48. The offshore component moved significantly from 33 per cent at the beginning of the year to 52 per cent at the end of the year. PSI Data added 11 new clients during the year.
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