Aztec revenue up by 102 pc in 2005-06, profits 106 pc

Bangalore, Apr 12: Software product development major Azetec Software today announced an all time turnover of Rs.198.23 crore for 2005-06, recording a 102 per cent growth with the profit after tax up by 106 per cent at Rs.36.87 crore.

The Company in a release here said for the fourth quarter ended March 31, 2006, Aztec has posted revenues of Rs. 54.96 crores and net profit of Rs. 10.53 crores on consolidated basis, another all time high record.

The Board which met here today also recommended a dividend of 20 per cent subject to shareholders approval.

During this quarter Aztec added nine new clients with a good mix of small and large clients. The total active client count increased to 72 at the end of the last fiscal. The staff strength crossed the 2000 mark compared to 1890 at the end of the third quarter of previous fiscal.

The Company said the offshore focus continued to pay off and revenues for the quarter from offshore are at 86 per cent. Foreign Institutional Investors and mutual fund holdings in the coimpany had crossed over 22 per cent of the paid up capital, the release said.

Announcing the financial results, Mr. K. B. Chandrasekhar, Chairman of Aztec said, "A terrific year from the Company - we have grown revenues and profits over 100 per cent for the second year running. We see greater things ahead for the Company. Our undeterred focus and execution have paid off handsomely and we are looking at winning bigger deal sizes in the coming months. The next fiscal should be an equally exciting year for us."

UNI