The net profit of Infotech Enterprises has seen a dip at Rs 34 crore in the third quarter ended December 31, 2011, as against Rs 37 crore in the same quarter last year. Revenues stood at Rs 416 crore (Rs 314 crore) for the quarter, showing a growth of 33 per cent.
It has projected a turnover of Rs 1,575 crore for 2011-12, showing a growth rate of 33 per cent (rupee terms) over Rs 1,188 crore last year. “In dollar terms, we are expecting a growth of 27 per cent for the financial year,” Mr B.V.R. Mohan Reddy, Chairman and Managing Director, said.
Contributions from the North American and Europe slipped to 54.8 per cent (55.8 per cent.) and 34.8 per cent (36 per cent) during the quarter, while that of Asia-Pacific region increased to 10.4 per cent (8.2 per cent).
Commenting on the results, he said the company saw a growth of 10.5 per cent in net profit over Rs 30.7 crore in the previous quarter even after suffering a loss of Rs 31.5 crore on account of forex, with the peak forex rate crossing Rs 53-mark on December, 2011, as against Rs 49 on September 30. Revenues grew 12 per cent sequentially.
The company added 11 new customers in the quarter and won its first project from Malaysia in engineering vertical. Attrition rate (annualised) was put at 19 per cent, up from 18.1 per cent in the previous quarter.
Contribution from Top-10 customers reduced by 3.7 percentage points, while that of Top-5 reduced by 1.3 percentage points. Cash balances at the end of quarter stood at Rs 388 crore.