Hyderabad, Jul 1: Cambridge Technology Enterprises Limited (CTE), a global IT services provider a leading provider of SOA based solutions and Enterprise Transformation applications to mid size enterprises and mid size business units of Global 2000 enterprises, on Tuesday, July 1 announced its audited results for the fiscal year 2007-2008, 12 months period ending March 31, 2008.
CTE revenues surged from Rs 23.40 Crores in FY 2007, to Rs 90.27 Crores revenue in a span of one year. The Q4 FY 08 revenue was Rs 44.59 Crores which has taken the company to an annualized run rate of over Rs 178 Crores, enabling it to break the small cap barrier to enter the mid-cap segment successfully.
The revenue growth recorded is 286 per cent and profit growth is 206 per cent over previous fiscal.
Bhaskar Panigrahi, CEO, Cambridge Technology Enterprises Limited (CTE) said, "Last year was a land mark year for us wherein we grew by 286 per cent engineered by our well-executed four-pronged strategy. This financial year, we would continue to focus on identifying and integrating high value and growth potential companies to enhance our customer base and consolidate our position in mid-sized customer segment."
"This year we hope to enhance our global delivery center base to China and Europe to offer multi-shore 24x7 service to our customers and also enter European market. The existing operations are being streamlined and refined to realize the best synergies," Bhaskar added.
The CTE witnessed this phenomenal growth while maintaining good margins by meticulously implementing the four-pronged strategy it had outlined in the beginning of the last fiscal year.
CTE went public with a commitment to invest in emerging technology areas like SOA, Innovation and competency centers, integration and expansion of acquired companies to leverage the synergies, and selective M and A's to enhance core competencies and customer portfolio.
These strategies has not only enabled CTE to attain the critical mass but also helped in mitigating the risks that are encountered by companies during current global uncertainties.
CTE is focused to become a single-stop IT provider to the mid-market customers. It started the year with customers in the US market and forayed into the India market by the end of the year.
The initial responses of the India customers to the augmented CTE services have been very encouraging.
Many exciting opportunities have been identified in the commercial and Defence sector in India, which will be pursued in FY 2009. Further, CTE plans to expand its operation in the APAC region.
The operations of the company have now reached higher level of stability and growth and the outlook remains positive for the next year despite many uncertaintities in the global economy.
CTE's confidence stems from its expanded market base, extended service portfolio, good portion of revenue and cost being same-shore/ same-denomination and a balanced revenue composition between Government and Commercial segment.
Ramesh Reddy, CFO, CTE said, "We have exceeded the guidance given in the beginning of the last financial year. The outlook for the year ahead remains positive despite the global challenges and our FY 2009 plan factors the challenges that our customers and competitors will be facing. This would help us to navigate to our goal to be the one among the top 20 mid-market IT services providers globally."