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Our Bureau

Mumbai June 6 Aftek Infosys' net profit of Rs 26 crore for the quarter ended March 2007, has been overstated, the foreign exchange differences of Rs 8 crore having not been reduced from it, the auditors of the company have observed.

"The format given in clause 41 have not been adhered to, to the extent that foreign exchange difference has been shown below the line, after net profit," said a notice to the exchanges by Aftek, quoting observations from a limited review report by auditors of company's results for the quarter.

The basic and diluted EPS has also been overstated to that extent was the review report's observation.

A spokesperson for Aftek said that the company had announced unaudited results for both the quarter and the fiscal ended March 2007, pending its EGM held on June 5 to consider the merger of a group company Elven.

"The adjustment would have happened anyway in the audited numbers," he said.

The company had announced a net profit of Rs 26 crore for the quarter, and an EPS of Rs 2.98.

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