CTE posts 360% growth in revenue, 206 % growth in profit YoY

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Hyderabad, Jul 31 (UNI) Cambridge Technology Enterprises Limited (CTE) today announced that its consolidated revenues for the first quarter stood at Rs 47.49 crore as compared to Rs 10.31 crore during the corresponding period, recording a growth of over 360 per cent Year on Year.

Profit After Tax(PAT) was Rs 5.38 crore for Q1 this year against Rs 1.76 Crore for the corresponding quarter in the previous year, registering over 206 per cent, Year-on-Year(YoY) basis.

Basic and diluted Earnings per share(EPS) for the period were Rs 3.40 and Rs 2.63 respectively, on the basis of post-issue paid-up capital of Rs 15.82 crore.

In a statement, CTE CEO and Chairman Bhaskar Panigrahi said, ''The initial synergy of the combined company was evolving now. We are pleased with a decent growth rate across the group, which is a testimony to the robust integration and organic expansion plans, we have put in place for FY 2009. We have substantially invested in building an excellent pipe for potential M &A candidates, which should help us build on the solid foundation that we laid in FY 2008.'' CTE President and Whole Time Director Krishna Nangegadda said, ''We witnessed a consolidation of efforts to further enhance our efficiency and to optimise core-delivery operations. We reorganised the corporate structure and sales and business development to realise our aggressive growth plans. This restructure will streamline the integration process and not only help our organic growth but also help reap the benefits of future acquisitions faster.'' CTE CFO Ramesh Reddy said, ''This quarter our focus has been to consolidate the exponential inorganic growth of FY 2008 and we have invested in a three-pronged strategy to help realise the synergies of the past four acquisitions. We increased investment in business development to increase customer reach to cross sell, enhanced investment in offshore to build resource-base for expanding and for new business, invested in people and processes to expand the CMM-RAD capabilities across all-shore teams. These investments would help us achieve our FY 2009 targets for organic growth and enhance our profitability over the year.'' UNI VA KVV 1510

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