The Hindu Business Line : Infotech Q1 net rises 106 pc

Infotech Enterprises Ltd has recorded revenues of Rs 117.03 crore and a net profit of Rs 16.4 crore for the first quarter ended June 30, 2006 as against revenues of Rs 78.22 crore and a net profit of Rs 6.54 crore during the corresponding quarter last year.

This reflects a growth of 50 per cent in revenues and 106 per cent in net profit. Last fiscal, the company recorded revenues of Rs 362.5 crore and a net profit of Rs 40.25 crore.

The Chairman and Managing Director, Mr B.V.R. Mohan Reddy, in a statement on Wednesday said, "During the quarter, the company witnessed growth from marquee customers - Pratt & Whitney, Bombardier Transportation, Alstom Transport and Hamilton Sundstrand."

The increase in revenue was due to volume growth as well as increased rates from customers. The depreciation of rupee against dollar and other currencies contributed to four per cent of growth. Salary and related costs were higher during the quarter on account of revision across the company.

To meet the growth requirements, the company is in the process of building another facility in a 10-acre campus near here. During the quarter, Infotech added 11 new customers and 96 employees.

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