Rolta India reported net profit of Rs 133.14 crore for the third quarter ended March 31, 2009 almost doubled from Rs 65.72 crore in the corresponding quarter last financial year.
Revenue of the company grew 15 per cent to touch Rs 332 crore for the third quarter from Rs 288.37 in the same quarter last year.
Sequentially (quarter-on-quarter) the company’s net profit zoomed up from Rs 60.56 crore - but revenues were down 8 per cent from Rs 361.94 crore.
The company has opted for accounting the exchange differences arising on reporting of long term foreign currency monetary items in line with Accounting Standard 11 (AS-11) as notified by Government of India on March 31, 2009.
As a result of this change in accounting for exchange difference, Profit before exceptional item for the quarter and nine months ending March 31, 2009 is lower by Rs 11.87 crore with corresponding increase in other expenses and depreciation. The company has reversed foreign exchange revaluation loss amounting to Rs 84.01 crore on translation of FCCB liability of $150 million which was charged to profit & loss during July ’08 to December ’08 as an exceptional item and as a result the net profit for the quarter and nine months ending March 31, 2009 is higher by Rs 72.14 crore.
K K Singh, Chairman and Managing Director, said: “We are confident that even in this difficult economic scenario, we will continue to build and strengthen our businesses, by developing innovative solutions, which provide deep insights and make a strong positive impact in our customer environments”.
During the quarter the company expanded its world-class facilities by inaugurating a development and delivery centre in SEEPZ, an SEZ in Mumbai, with a seating capacity of 1,500. Rolta also renewed its 23-year long partnership with Intergraph and will exclusively provide, customise & build on Intergraph’s enterprise engineering and product lifecycle management (PLM) software.