Infotech announces bonus, stock split
Hyderabad, Apr 19 (UNI) Software Services major Infotech Entrprises Limited today announced a bouns issue, stock split and increase in its headcount to 1,400 during 2006-07.
Speaking to the media here today, Company Chairman and Managing Director B V R Mohan Reddy said the board of directors at their meeting here had recommended a 2:1 stock split which meant every share of Rs 10 will be divided into two shares of Rs five each.
The 2:1 bonus, announced by the company, will mean an additional share for every two shares held by a shareholder.
With a capital investment of Rs 64 crore, the company will add 1,400 people to its current 3,978 employees.
It will also establish a new campus at Nanakramguda with the first phase slated to begin functioning by April 2007.
Infotech added 40 new clients during FY 2006.Overall the company's operating revenues stood at Rs 362.5 crore as compared to Rs 257.13 crore in FY 2005, representing a Y-o-Y growth of 41 per cent.
The operating profit at Rs 67.19 crore as compared to Rs 46.65 crore which was higher by 44 per cent.
The net profit was up 83.8 per cent at Rs 50.32 crore as compared to Rs 27.38 crore in March end 2005.
UNI DB GM 1923