Infotech’s Q4 net down 12 percent

Hyderabad, April 25 (IANS) Global engineering solutions company Infotech Enterprises has reported Rs.54 crore net profit during the fourth quarter ended March 31, down by 12.3 percent over the previous quarter.

The revenues during the quarter were Rs.464 crore, down 2.2 percent QoQ but an increase of 11.3 percent compared to the same quarter previous year.

In dollar terms, the revenues were $86 million, up 3.6 percent YoY but down 1.9 percent QoQ.

The revenues during the year were Rs.1,873 crore, a jump of 21 percent compared to 2011-12. In dollar terms the revenues were $345 million, a growth of 6.5 percent.

The net profit was Rs.231 crore, up by 43 percent over the previous year. At Rs.342 crore, the operating profit also grew by 26 percent.

The Bboard of directors recommend a final dividend of 50 percent for the year i.e. Rs 2.5/share, subject to approval from shareholders.

Infotech chairman and managing director B.V.R. Mohan Reddy Thursday announced the financial results for the fourth quarter and for the year.

“Inspite of the global uncertainties, we had a robust performance for FY 12-13. We grew our revenue, margin and earnings. Our revenue, profit and cash generation were highest in the history of the company,” he said.

“Our orders backlog and pipeline are higher than last year. We are confident of significantly better business performance this year.”

Infotech added 3,092 employees during the year, which is highest-ever for the company. It also added 64 customers.

Chief Financial Officer Ajay Aggarwal said in the current business environment, they need to remain efficient, invest in growth and continue focus on improving cash flows.

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