The Hindu Business Line : Prithvi Info's net, income surge

PRITHVI Information Solutions Ltd has recorded a sales income of Rs 116.51 crore and a net profit of Rs 14.34 crore for the quarter ended December 31, 2005, against a total income of Rs 82.64 crore and a net profit of Rs 7.52 crore for the corresponding quarter last year.

This reflects a revenue growth of 40.99 per cent and a net profit of 90.70 per cent over the corresponding previous quarter. Last fiscal, the total income was Rs 305.12 crore and the net profit was Rs 28.68 crore.

During the quarter under analysis, the company tapped the market with its initial public offer and raised Rs 135 crore. The public offer was for 50,00,000 equity shares of Rs 10 each at a premium of Rs 270 crore. As of December 31, the company deployed Rs 26 crore towards working capital and spent Rs 4 crore on offshore development centre and Rs 9 crore towards IPO expenses.

The Managing Director of Prithvi Info, Mr V. Satish Kumar, told Business Line that the company's business was fuelled by a couple of growth areas and realignment of business. This had also improved the overall profitability.

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