Infotech registers 32 percent growth, despite slowdown
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Infotech registers 32 percent growth, despite slowdown

Monday, 27 April 2009, 13:23 Hrs
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Hyderabad:Infotech Enterprises, a city-based technology services and solution provider, Monday announced a healthy 32 percent growth during 2008-09 despite the slowdown and volatile currency markets.

The Hyderabad company posted a turnover of 889.75 crore during the year, a year-on-year growth of 32 percent. In dollar terms, it was $193 million, a growth of 15.5 percent over the previous year.

Revenue totted during the fourth quarter last fiscal was 234.97 crore, a year-on-year growth of 25.4 percent.

Infotech chairman and chief executive B.V.R. Mohan Reddy said the first half of the financial year witnessed a robust 24 percent growth, though it was only 8 percent during the second half.

The profit after tax in 2008-09 stood at 92.48 crore, a year-on-year growth of 8 percent. Reddy said this growth was not as strong as the 12.3 percent the previous year, and this was due to volatile currency markets.

The board of directors has recommended 30 percent dividend or 1.50 per equity share of a face value of 5 each, subject to the approval of the shareholders.

Infotech, whose top 10 customers contributed over 55 percent of its revenues, added 84 clients during the year. The company also added 640 employees, taking its total global workforce to 7,661.

With a cash balance of 333 crore, Infotech is now eyeing acquisitions during the current financial year. "Several companies are in the pipeline for acquisitions," Reddy said.
Source: IANS
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