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Bangalore, July 24

Aztecsoft Ltd, a provider of software engineering services, reported a net loss of Rs 9.29 crore for the first quarter on revenue of Rs 76.77 crore. For the year-ago quarter, the company had reported a net profit of Rs 5.7 crore, on revenue of Rs 59.07 crore, it said in a statement. The sudden depreciation of the rupee resulted in a non-cash charge of Rs 22.24 crore being provisioned on outstanding derivative instruments, the company said. Aztecsoft said MindTree expects t o complete the open offer process by the end of July and Aztecsoft will thereafter become a subsidiary of MindTree. Aztecsoft said it added six new clients during the quarter. The company had 2,050 employees as of June 2008. Shares of the company fell 3.41 per cent to Rs 66.55 on Thursday at the Bombay Stock Exchange. — Our Bureau

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