Financial Daily from THE HINDU group of publications
Friday, Jan 20, 2006
Financial Daily from THE HINDU group of publications Friday, Jan 20, 2006 |
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Software Info-Tech - Alliances & Joint Ventures KPIT Cummins plans German venture R. Savitha
Pune , Jan 19 THE Board of Directors of KPIT Cummins Infosystems Ltd, which met here today has approved setting up of a joint venture in Germany. The joint venture is to help the company to enter into the German market in a big way, Mr Ravi Pandit, Chairman and Group Chief Executive Officer, KPIT Cummins told Business Line. Mr Pandit noted that the entry into the German market was on similar lines as that of the French market. "But we have bought out the French company and as of present we have no move to buy out the consulting group with which we have entered into a joint venture," he added. KPIT would have 60 per cent share in this venture and the consulting group 40 per cent, Mr Pandit said. KPIT has invested about 50,000 euros while the latter about 30,000 euros. He said the joint venture would sell and market KPIT products in the German market. The board has also approved allotment of 6,038 equity shares of Rs 5 to the employees who exercised the option granted to them under the ESOP 2004. During the third quarter of the current fiscal, he said the revenue had grown by 28.50 per cent year on year to Rs 80.41 crore. Net profit grew sequentially by 8.55 per cent to Rs 8.27 crore and operating margins had improved by 0.86 per cent during the quarter. Earnings per share has grown to Rs 5.74 from Rs 5.30 in the previous quarter. During the quarter the company added three new customers, taking the total number of active customers to35. Europe contributed 34.26 per cent of total revenue during the third quarter, a significant increase from 27.56 per cent in the second quarter. Consolidated revenue guidance for FY06 has been maintained between Rs 308 crore to Rs 316.8 crore.
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