Operating revenues up 52.1% Y-on-Y, 9.0% Q-on-Q, at Rs 1430.4 M

Hyderabad, Jan 17 (UNI) Infotech Enterprises Limited has registered a net profit before Joint Venture's share at Rs 200 million for the quarter, up 69.6 per cent Y-on-Y.

The operating revenues were up by 52.1 per cent, at Rs 1430.4 million as against Rs 940.6 million during corresponding period last year, a company release said here today.

The profits increased by 81.5 per cent to Rs 322.6 million as against Rs 177.7 million during the period.

Net profit after tax (after share of Joint Venture profits) stood at Rs 187.7 million as against Rs 132.7 million, an increase of 41.5 per cent, the release said.

Operating revenues grew by nine per cent sequentially, at Rs 1430.4 milllion as against Rs 1312.8 million during previous quarter. Operating profits were higher by 13.8 per cent, at Rs 322.6 million compared to Rs 283.5 million. Operating margins at 22.5 per cent as against 21.6 per cent, it said, adding net profit after tax (after share of joint venture profits) stood at Rs 187.7 million as against Rs 202.6 million.

Commenting on the third quarter results B V R Mohan Reddy, Chairman and Managing Director, Infotech Enterprises, said, 'this quarter witnessed growth amongst both the verticals on the back of significant ramp up in the existing clients. While the existing clients contributed to 6.5 per cent of the sequential growth, the rest 2.5 per cent came from new customers and on account of exchange rate fluctuations'.

While the momentum in the existing service offerings is encouraging, we are building new practice areas, specifically in the EMI vertical to increase the visibility for the company in the forthcoming years. Operating margins, which are at 22.5 per cent this quarter may impact to an extent on account of these investments, but we feel it's the right juncture for these investments to be made.

UNI