Infotech Enterprises registers 49 pc growth

Thursday, 19 April 2007, 07:00 Hrs
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Hyderabad: Global software services firm Infotech Enterprises Ltd posted revenues worth 5.4 billion ($120 million) during 2006-07, registering a growth of 49.7 percent over its previous fiscal, company sources said Wednesday.

Infotech Enterprises, which specialises in geospatial, engineering design and IT solutions, registered its net profit after tax for at 836.6 million against 503.2 million during 2005-06, up by 66.3 percent. This includes share of joint venture profits.

The company had proposed to declare a dividend of 22.5 percent for the 2006-07 fiscal.

"Our engineering services business grew at 69 percent and geospatial services grew at 27 percent along the lines we have shared at the beginning of the year," said B.V.R. Mohan Reddy, Chairman and Managing Director of Infotech Enterprises.

He told a news conference here that while the firm witnessed growth in all regions, the growth in Europe has been higher than the North American region.

"Current geographical revenue split places the company in a strong position to mitigate economy-related risks. Infotech also established direct business relationships with aircraft manufacturers Boeing and Airbus," he said.

Infotech also announced the inauguration of its state-of-the-art development centre at Manikonda, Hyderabad. Built on 10 acres of land, the 100,000 square feet facility can house 1,500 employees.

Infotech earlier expanded its operations by establishing development centres in Kakinada, Andhra Pradesh, Sydney (Australia) and Auckland (New Zealand).

Reddy announced that Infotech would build news facilities in Bangalore, Visakhapatnam and Noida during the current fiscal.
Source: IANS
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