Prithvi Information services posts net profit of 69 percent

Mumbai, Apr 18 (UNI) Prithvi Information Solutions Limited has posted an net profit of 69 percent for the financial year 2006-07.

The Company's operating revenues increased by 70 percent year on year to Rs 768.27 crore, against Rs 452.72 crore for the year ended March 2006. The company recommended an interim dividend of Rs 2 per share.

For the quarter ended March 31 2007, the net Income of the company has grown by 89 per cent quarter on quarter to Rs 259.22 crore from Rs 136.96 crore for the same period last year.

During the last quarter of 2006-07, Prithvi Information Solutions allotted Foreign Currency Convertible Bonds(FCCB) for US$ 50 million to Lehman Brothers International (Europe), which were listed on the Singapore Stock Exchange. The proceeds of the FCCB issue will be utilized for overseas acquisitions, and Prithvi is in talks with few companies in this regard.

For financial year 2008, the company is focusing largely on high growth and high margins services of Knowledge process outsourcing KPO and Telecom.

Prithvi Information Solutions Ltd, promoted in 1998 by Pittsburgh based Madhavi Vuppalapati and India based Mr. Satish Vuppalapati is a global provider of customized software solutions across a host of technologies and platforms.

UNI