PSI Data out of red, earns 1.35 crore net profit

Bangalore, Apr 19 (Uni) - PSI Data Systems Limited, the IT solutions business of the Aditya Birla Group has posted a revenue of Rs. 85.80 crore and a net profit of Rs.1.35 crore for the year ended March 31, 2006.

The Company which had incurred a loss of Rs.2.55 crore previous fiscal had come out of the red, accordiing to a PSI Data Systems release here today.

For the fourth quarter ended March 31, 2006, it posted a revenue of Rs. 25.48 crore and a net profit of Rs.1.53 crore as compared to a turnover of Rs.19.84 crore and a net loss of Rs. 37.43 lakhs in Q4 2005.

In terms of sequential quarter growth, revenues grew 20 per cent while net profit grew 159 per cent over the previous quarter ended December 31, 2005.

Over the last eight quarters, PSI's operations have been turning profitable with the quarter-on-quarter positive EBITDA growing strongly. The Year-on-year revenue growth was marginal at four per cent, however the revenue numbers has to be seen in the context of significantly higher offshore revenues.

The Aditya Birla group currently held a 71 per cent stake in PSI Data Systems which moved into its new state-of-the-art campus here.

Commenting on PSI's performance, Mr. Sanjeev Aga, Managing Director, Aditya Birla Nuvo and Director, PSI Data Systems stated, ''PSI Data is an important element in Aditya Birla Nuvo's mix of growth and value businesses. The company's return to profits is most heartening and surely a prelude to even stronger performance in the coming years''.

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