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News >> Technology >>
Aztec profit up 163 %
By agencies
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Thursday, 14 July 2005, 19:30 IST
BANGALORE: Aztec Software and Technology Services has recorded a net profit of Rs 73.8 million for the first quarter of the current fiscal, up 163 percent compared to the corresponding previous period.
Comparing it to the previous fiscal year, the figures listed a rise by 12 percent.
Revenues at Rs 422 million have risen by 162 percent compared to the corresponding previous period and by 17 percent sequentially.
"We have positioned ourselves as the preferred offshore partner for our clients," said V. Chandrasekaran, MD and CEO. Offshore efforts accounted for 83 percent of Aztec's revenues during the quarter under review.
"Product development outsourcing is slated to be the new wave in IT and we are seeing robust growth in all phases of product lifecycle - R&D, quality assurance and maintenance," he added.
Chandrasekaran said attracting talent is the greatest challenge the company faces. He added that the company had effected a 15-17 percent increase in offshore compensation and a five percent hike in onsite compensation packages from April.
The recent acquisition of Disha Technologies contributed significantly with its independent testing services to clients. Disha revenues grew 17 percent sequentially to Rs 144 million.
The company plans to expand its facilities in Pune and Bangalore and is looking at expanding to secondary cities. "We are committed to increasing our footprint in the software industry," Chandrasekaran said.
K.B. Chandrashekar, Chairman, informed that the company is looking to make acquisitions to "complement our offerings and technology competencies."