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Infotech Enterprises Q4 net up 29% to Rs 70 crore

Source : PTI
Last Updated: Thu, Apr 24, 2014 12:55 hrs
IT industry

Infotech Enterprises, a city-based engineering solutions provider, today said its net profit for the fourth quarter ended March 31 grew 29 per cent to Rs 70 crore, from Rs 54 crore in the same period of last year.

Total income from operations grew 28 per cent to Rs 595 crore during the quarter under review from Rs 464 crore in the JanuaryMarch quarter of last fiscal.

B V R Mohan Reddy, Chairman, Infotech, said business momentum picked up in the second half of just-concluded fiscal and the firm expects it to to continue in the current financial year also.

"The business momentum picked up considerably in the second half of last financial year (FY14), reflected in Q-o-Q growth for the last two quarters. The backlog and order pipeline are very healthy. We are very confident that this momentum will continue during the current financial year (FY 15)," Reddy said in a statement.

The company will focus on operating levers such as utilisation, sales efficiency and management overhead to improve operating margins in FY15, he said.

"Considerable amount of effort and money has been invested in branding, reorganisation and sales compensation restructuring. All three initiatives will lead to accelerated growth and better efficiency. The impact of these steps will be seen in the second half of the current fiscal."

Net profit for the full year (FY14) grew by 15 per cent to Rs 266 crore, while revenues were up by 18 per cent to Rs 2206 crore.

The IT company, through its subsidiary IEAI, is expected to complete the acquisition of Softential Inc, a US-based firm, by the end of this month.

Infotech provides engineering solutions, including product development and life-cycle support, process, network and content to major organisations worldwide.


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