Cambridge Technology Enterprises Ltd records 277 per cent growth in revenue

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Hyderabad/Cambridge, Feb 1, (ANI/Business Wire India): Cambridge Technology Enterprises, a global IT services provider recognized as a leading provider of SOA-based solutions and enterprise transformation applications to midsize enterprises and the midsize units of Global 2000 enterprises, announced its Q3 results for the fiscal 2007-2008.

Highlights

Consolidated Results for October to December (Q3-08) quarter ending December 31, 2007:

-- Total revenue on consolidated basis for CTE was Rs 22.31 crores, compared to Rs 5.75 crores of revenue for the quarter ended December 31, 2006, which translates to 277 per cent growth over previous year Q3. With respect to the revenue of Rs 13.29 crores for Q2-FY2007-08 (July-September 2007 quarter); the sequential growth in revenue on QoQ was 67 per cent .

-- Profit before tax was Rs 4.32 crores, compared to Rs 1.48 crores of profit before tax for the quarter ended December 31, 2006, which translates to 192 per cent growth in profit. With respect to the PBT of Rs 2.48 crores for Q2-FY2007-08 (July - September 2007 quarter), the sequential growth in profit QoQ was over 74 per cent.

-- EPS for the period is Rs 2.12 on a paid up capital of Rs 1.58 crores, compared to Rs 1.56 for the quarter ended December 31, 2006, on a paid up capital of Rs 0.951 crores.

-- In this quarter, the company added 17 new customers to its customer base. The number of customers stands at 100.

Others

-- During this quarter, CTE completed acquisition of Q-Soft Systems and Solutions. This strategic acquisition will add an offshore Oracle services portfolio to CTE's service offering in the ERP segment and bring the combined entity closer to CTE's vision of being a 'one-stop shop for IT services for mid-sized enterprises'.

-- The head count of the company stands at 521, compared to 291 on September 30, 2007, reflecting a growth rate of 79 per cent.

Bhaskar Panigrahi, CEO of Cambridge Technology Enterprises Ltd (CTE), said, "We are very pleased with the third quarter results. With another quarter of solid growth and profitability, we're seeing continued progress operationally, strategically and financially. We remain committed to improving business agility and thereby enhancing customer service. A balanced combination of organic growth and a synergistic acquisition strategy has been the key reason for our sustained profitability and growth. The acquisition of Q-Soft Systems and Solutions will augment CTE's offerings and help CTE move up the value chain."

Ramesh Reddy, Chief Financial Officer, commenting on the results said "We are continuing the trend of significant growth quarter on quarter and are on track to realize our goal to be the leading player in the midsize segment through a balanced mix of inorganic and organic growth oriented strategy. This strategy would help us to acquire larger customer base and broader services capability, while sustaining margins through investments in IP creation and Innovation centers to improve rates and productivity efficiency."

ANI

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