Infotech net at Rs 6.6 cr

Q2 SCORECARD

Hyderabad-based Infotech Enterprises Limited's net profit for the second quarter ended September 30, 2004, has increased by 156.2 per cent to Rs 6.61 crore, as compared to Rs 2.58 crore earned in the corresponding quarter of the previous year.

The operating revenue of the company increased 50.7 per cent to Rs 68.43 crore as compared to Rs 45.42 crore in the corresponding previous quarter. The operating profit for the quarter was up 67.6 per cent at Rs 12.3 crore, as compared to Rs 7.34 crore earned in the previous quarter.

A release from the company said that a significant achievement during the quarter was the divestment of 51 per cent ownership in its Puerto Rican subsidiary Infotech Aerospace Services Inc to United Technologies International Corporation.

The second quarter saw 11 new clients being added to the company out of which four were in the UTG segment and seven in the EMI vertical. Contribution to revenues from the top 10 clients of the company stood at 67 per cent.

Infotech Enterprises also announced that the compensation committee has allotted 24,650 equity shares to the associates of the company under the Associates Stock Option Plan of the company.

VisualSoft net dips 31%
VisualSoft Technologies Limited net profit dipped 31.46 per cent to Rs 6.52 crore for the second quarter ended September 30, 2004, as compared to Rs 9.51 crore during the corresponding quarter in the last fiscal.

The total income of the company, however, increased 25.34 per cent from Rs 37.61 crore to Rs 47.14 crore for the quarter under consideration. The income from software sales for the quarter increased 23.22 per cent to Rs 45.68 crore, as compared to Rs 37.07 crore.

The revenue from the top five clients as a percentage of total income from software sales was 42.77 per cent. For the first half of the year the net profit of the company dipped 22.18 per cent to Rs 14.42 crore as compared to Rs 18.53 crore earned during the first half of the previous fiscal.

The total income for the first half of the increased 27.8 per cent to Rs 93.35 crore from Rs 73.09 crore earned during the same period last year. The company on September 27 had allotted 86,790 equity shares of Rs 10 each to its employees, who have exercised the stock options under the employee stock options scheme.

Vrinchi nets Rs 1.4 crore
Vrinchi Technologies Limited has reported a 257 per cent growth in revenues for the second quarter ended September 30.

Revenues for the quarter under consideration touched Rs 5.08 crore as compared to Rs 1.42 crore in corresponding period last fiscal.

Net profit registered a 406 per cent increase to touch Rs 1.40 crore, as compared to the corresponding period last year.