The Hindu Business Line : Neilsoft targets $100 m turnover

With a turnover touching Rs 40 crore within six years of inception, Pune-based Neilsoft, engineering services and solutions provider, is targeting a $100-million turnover within the next six years.

Talking to presspersons, Mr Ketan Bakshi, Managing Director, Neilsoft said the company is also setting up a centre in Hubli to seat 100 engineers and it would be operational within the next 18 months. The centre would initially focus in construction engineering practice. Expansion plan

Mr Ketan said the expansion of the Hubli centre was part of the Rs 37-crore expansion plan that the company has chalked out for itself. Mr Ketan said the company was also looking at second round of funding to the tune of $6 million and it would be completed by July this year. He said this would be a split of $3 million in equity and $3 million in debt.

The first round of funding had taken place in 2000 when the company was formed and was to the tune of Rs 1.35 crore. He said the company was looking at other venture capitalists for the funding.

Performance

He said according to the unaudited results, the company had recorded a revenue of Rs 40 crore for the year ended March 2006 as compared to Rs 28 crore for the previous year. The revenue growth was 43 per cent. The operating profit was Rs 8.96 crore (Rs 5.52 crore).. The earnings growth was 63 per cent.

He said the company was targeting a revenue of Rs 65 crore for the current year and was looking at a growth of 50 per cent.

Mr Ketan said the company added three more representatives to its board. They are Mr Hans Ekdakl, Ex-Chief Executive Officer and Chairman of Delaval, Mr Prakash Desai, Ex-Director in-charge, PTC, Research and Development and Mr Ajay Dubey, Ex-Chief Operating Officer, Persistent Systems.

He said Mr Prakash would be the advisor and mentor for middle management, while Mr Dubey would be the consultant for scalability management.