The Hindu Business Line : Aztec Soft Q1 net up at Rs 7.4 cr

AZTEC Software and Technology Services has clocked net profit of Rs 7.38 crore for the first quarter of the current fiscal, up 163 per cent compared to the corresponding previous period.

The figure represents a 12 per cent rise over that recorded in the last quarter of the previous fiscal.

Revenues at Rs 42.28 crore have risen by 162 per cent compared to the corresponding previous period and by 17 per cent sequentially.

". We have positioned ourselves as the preferred offshore partner for our clients," said Mr V. Chandrasekaran, MD and CEO. Offshore efforts accounted for 83 per cent of Aztec's revenues during the quarter under review.

"Product development outsourcing is slated to be the new wave in IT and we are seeing robust growth in all phases of product lifecycle - R&D, development, quality assurance and maintenance."

According to him, attracting talent is the the greatest challenge the company faces. He added that the company had effected a 15-17 per cent increase in offshore compensation and a five per cent hike in onsite compensation packages from April.

Aztec has 1,649 people, a net addition of 244 people during the quarter. The company added 12 new clients to take the active client list to 61, across existing and new accounts.

The recent acquisition of Disha Technologies contributed significantly with its independent testing services to clients. Disha revenues grew 17 per cent sequentially to Rs 14.14 crore.

The company plans to expand its facilities in Pune and Bangalore and is looking at expanding to secondary cities. "We are committed to increasing our footprint in the software industry," Mr Chandrasekaran said.

According to Mr K.B. Chandrashekar, Chairman, the company is looking to make acquisitions to "complement our offerings and technology competencies."

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