Infotech's net up by 33 percent

Hyderabad, Oct 17 (IANS) Infotech Enterprises, an engineering solutions company, has reported 33 percent growth in net profit during the second quarter ended September.

The net profit during the quarter was Rs.725 million, up by 33 percent over the previous quarter and 44 percent over the same quarter of previous fiscal.

The revenues were Rs.5,493 million, a jump of 14 percent quarter over the last quarter and 15 percent year on year.

The company, in a statement here Thursdy, said the revenue crossed milestone of Rs.5,000 million in a single quarter and Rs.10,000 million in a half year period, which is the highest ever in company's history. Operating profit also crossed Rs. 1,000 million milestone in a single quarter.

The board of directors declared interim dividend at 40 percent which is Rs. 2 per share.

Growth trajectory resumed for company with three out of four business units posting more than 4.5 percent QoQ growth in constant currency, it said.

Infotech added 1,195 employees during the quarter, which is also the highest ever addition in a single quarter.

"Inspite of uncertainties in the global economies and challenges of ramp-downs among few of our large customers, we had a very stable business for past four quarters. The current quarter performance and the strong existing order pipeline make us feel confident that we are back on accelerated growth path.," said chairman and managing director B.V.R. Mohan Reddy.

"While we will grow our business, we are equally confident of stable margins and profitability. We are very confident of a stronger performance in H2 of this financial year," he added.

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