The Hindu Business Line : Prithvi Info Q4 net rises 55%

Hyderabad April 18 Prithvi Information Solutions has recorded total income of Rs 259.22 crore and net profit of Rs 26 crore for the fourth quarter ended March 31, 2007 against total income of Rs 136.96 crore and net profit of Rs 16.81 crore for the corresponding quarter last year. This reflects growth of 89-per cent in revenues and 55 per cent in net profit.

Revenues for the whole year were up 70 per cent at Rs 768.27 crore (Rs 452.72 crore. Net profit rose 69 per cent to Rs 90 crore (Rs 53.34 crore).

The company has recommended a dividend of Rs 2 per share (20 per cent).

During the fourth quarter, the company allotted foreign currency convertible bonds (FCCBs) worth $50 million (about Rs 225 crore) to Lehman Brothers International Europe. These were listed on the Singapore Stock Exchange. The company plans to utilise these proceeds for overseas acquisition.

Ms V. Madhavi, Chairman of Prithvi, in a statement said that the company has so far invested about Rs 20 crore in capital induction and Rs 66 crore in offshore development centre from IPO proceeds. The rest will be utilised in due course, she added.

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