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Hyderabad, Nov. 3 Cambridge Technology Enterprises, a provider of IT services and enterprise transformation applications, has posted consolidated revenues of Rs 51.58 crore for the second-quarter ended September 30, 2008, against Rs 13.29 crore, showing a growth of 288 per cent.

The net profit jumped to Rs 6.35 crore (Rs 2.12 crore) in the quarter.

The quarter saw the acquisition of Protégé, a US-based company, strengthening CTE’s base of Oracle solutions to mid-sized companies. “During the next six months, our major focus would be to retain and grow our business in our key accounts. In the back drop of the global economic slowdown, we expect to see delays in kicking off new projects,” Mr Bhaskar Panigrahi, Chief Executive Officer, said.

In an interaction recently, he said the hesitation from customers would continue to start a new large-scale ERP implementation project during this tougher market conditions.

“For many Protégé cases, the ERP implementation is part of current year’s operating budget and these expenses have already been budgeted,” he said, replying to a question whether the slowdown could impact the newly acquired company.

When pointed out at criticism on CellExchange-CTE merger, he made it clear that the two companies (after the spin-off in 2006) had never shared the customer base and success stories.

“The customer base (CellExchange focused on Government agencies in the US, while CTE focused on commercial customers) is mutually exclusive,” he pointed out.

“My continuation as CEO of both the firms post spin-off to ensure compliance structure with the US Government. I was not involved in day-to-day operations of CellExchange,” he explained.

More Stories on : Financial Performance | Software

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