Financial Daily from THE HINDU group of publications
Tuesday, Oct 11, 2005
Financial Daily from THE HINDU group of publications Tuesday, Oct 11, 2005 |
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Info-Tech
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Financial Performance Corporate Results - Software Aztec Software Q2 net rises 22 pc; upbeat on growth Our Bureau
Bangalore , Oct.10 AZTEC Software and Technology Services on Monday said it clockedrevenues of Rs 48.01 crore and net profit of Rs 9 crore (consolidated) in the second quarter of 2005-06. Revenues jumped 136 per cent over the corresponding period of last year while profits increased by 134 per cent. Over the previous quarter, Aztec's revenues have grown 13.6 per cent while profits have gone up by 21.9 per cent. Mr V. Chandrasekaran, MD and CEO of Aztec, said the quarter saw robust growth from existing clients and into the wireless and embedded space. "Our improvement in management processes is leading to enhanced delivery and client satisfaction. We are sure to replicate our success in the embedded space also.'' According to Mr K.B. Chandrashekar, Chairman, Aztec will continue to carefully invest to sustain high standards of growth and is actively looking for acquisitions as well.
Aztec got 85 per cent of its revenues from offshore work and the offshore focus would continue. During the quarter, Aztec added 15 new clients, both large and small, taking the total to 67, up from 61 in the previous quarter. During the period, the company increased its capacities at Bangalore, Pune and Hyderabad and expects to further increase capacity in Hyderabad during the next quarter. Aztec, which specialises in product engineering and software testing, also entered two new technology segments during the quarter — wireless and networking technologies and embedded and devices technologies. "Aztec continues to enjoy a liquid balance sheet with cash and equivalents of Rs 38.53 crore on its balance sheet,'' according to Mr Chandrasekaran. During the quarter, gross cash generation from operations was over Rs 11 crore. Aztec Software closed at Rs 159.15 on the Bombay Stock Exchange on Monday. Its previous close was Rs 145.95.
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