Goldstone Technologies has entered into a strategic relationship with US-based Enherent Corporation to provide offshore services for the latter's clients.
The company has earlier acquired 11 per cent voting stock in Enherent, which is a Nasdaq-listed company by purchasing 27,50,000 preferred stock from a financial institution.
According to K Vasudeva Rao, the executive director of the company, Goldstone further plans to increase its stake in the US company over a period of time.
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The company, after a bad performing fiscal 2002, has again turned black by posting a nominal net profit of Rs 50 lakh (after a prior period adjustment of Rs 1.18 crore) for the year ended March 2003 against a Rs 11.6 crore loss suffered during the previous year's nine months period.
Total revenue rose by 30 per cent on annualised basis at Rs 48.89 crore, compared to previous nine months revenue of Rs 29 crore.
The company could implement measures to control costs and closed a few of the non-profitable marketing offices to get back to profitability, the results statement said.
It was the quarter ended March, which helped turned around the company. During the period the company posted a net profit of Rs 1.89 crore on a revenue of Rs 10.8 crore as against Rs 9.34 crore loss suffered on a revenue of Rs 11.6 crore in the corresponding quarter of the previous year.
According to Rao, the company has also started receiving orders for its Forte to J2EE migration tools and the first order was from a US-based insurance major.