The Hindu Business Line : Prithvi Info net up at Rs 18.5 cr

Prithvi Information Solutions Ltd has recorded revenues of Rs 139.82 crore and a net profit of Rs 18.47 crore for the first quarter ended June 30, 2006 as against total revenues of Rs 98.22 crore and a net profit of Rs 10.22 crore for the corresponding quarter last year.

The company has indicated that its order book was healthy at $140 million and the revenues would be in the range of Rs 570 crore and net profit at Rs 77.5 crore during 2006-2007. Last fiscal, the company recorded total revenues of Rs 452.72 crore and a net profit of Rs 54.02 crore.

Addressing a press conference here on Wednesday, the Managing Director, Mr V. Satish Kumar, said the company is in the process of finalising plans for an overseas acquisition and may consider the option of raising about $50 million to $70 million through a foreign currency convertible bond (FCCB) issue.

Mr Satish Kumar said the company plans to recruit about 700 to 800 people during the year and is likely to complete its development centre in Hyderabad by the year-end.

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