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Megasoft Ltd has reported flat revenues of Rs 40 crore in the first quarter ended March 31, 2011, as against Rs 39.26 crore in the same quarter last year, a growth of 2 per cent.
Profit after tax, however, has gone up 53 per cent to Rs 6.42 crore (Rs 4.17 crore).
“Despite flat growth in revenues and increase in salaries, we could show better net profit because of improvement in margins. We could reduce operational expenses. Reduction in interest burden too helped. We expect the growth momentum to continue for the year ahead,” Mr G.V. Kumar, Managing Director of Megasoft, told Business Line. For the full year 2010, it clocked revenues of Rs 168 crore and PAT of Rs 22 crore.
He said it would spend Rs 16 crore on upgrading infrastructure in the US and in India
It would add 100 employees in the R&D team, taking the total to 600, in the remaining three quarters.
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