Brief Highlights:
- FY 2010-11 extended to 15 months; New FY from July to June
- Star Alliance selects Zero Octa as Preferred Vendor
- Introduces Miscellaneous Billing Solution for airlines
- Appoints new Statutory Auditors
Kale Consultants Limited, the leading solutions provider to the Airline and Travel industry, has recorded consolidated revenues for the 12 months ended March 31, 2011, at Rs. 1772.90 million as compared to Rs. 1,659.20 million during the previous year. For the quarter ended March 31, 2011, Kale has recorded consolidated revenues of Rs. 485.79 million as compared to Rs. 464.24 million for the corresponding quarter of the previous year. Consolidated PAT stood at Rs. 50.16 million as compared to Rs. 64.17 million during the corresponding quarter of the previous year.
Standalone revenues stood at Rs. 1,373.02 million for the 12 months ended March 31, 2011, as compared to Rs. 1,267.30 million for the corresponding period of the previous year. Net Profit After Tax (before Prior period item) stood at Rs. 130.55 million compared to Rs. 191.41 million in the previous year. For the quarter ended March 31 2011, Kale recorded revenues of Rs. 370.58 million as compared to Rs. 382.14 million during the previous year. Net Profit After Tax (before Prior period item) for the quarter ended March 31, 2011 stood at Rs. 22.03 million compared to Rs. 66.53 million in the previous year.
The Company has changed its financial year end from March 31, 2011 to June 30, 2011 as a result of which the current financial year will be for a period of fifteen months i.e from April 1, 2010 to June 30, 2011.
The Statutory Auditor of the Company M/s. D.G. Kurundwadkar, Chartered Accountant, having resigned during the current quarter due to personal reasons, the shareholders of the Company, appointed B S R & Co., Chartered Accountants, as Statutory Auditors of the Company, till the conclusion of the next Annual General Meeting.
During the quarter, changes were made to accounting policies on revenue recognition & depreciation. The management also reassessed it internal policy of capitalization of product costs and amortization. These changes are reflected in the financials of the current quarter. .
Commenting on the performance, Mr. Vipul Jain, CEO and Managing Director said “During the quarter we decided to align our accounting policies to international practices, resulting in a one-time impact. Our business outlook is positive and we are confident of robust and steady growth in the coming quarters.”
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Kale Consultants provides comprehensive financial and business intelligence solutions to the airline and travel industry. Kale’s solutions are available as licensed, hosted and outsourced models. These innovative models are beneficial for customers since they reduce upfront investments. The return on investment on the pay for use model is quite fast since the business benefits of the solution pays for itself. Kale also offers a transaction based pricing that is tailored to the clients’ business. Thus Kale’s solutions reduce capital expenditure and offer flexible pricing models, thereby sharing risks and rewards.
About Kale Consultants:
Kale Consultants Limited is a leading solutions provider to the global Airline and Travel industry. Committed to innovation and excellence, Kale delivers world-class software products, technology, managed process, hosting and consulting services. Kale employs over 1400 talented professionals who focus on delivering quality service to over 100 satisfied customers across 30 countries.
Kale’s Industry Solutions are driven by active partnerships with industry bodies and customers, and unparalleled domain knowledge. Kale’s Customised Approach in deploying these solutions supports clients with best fit solutions to match to their requirements. Visit us at www.kaleconsultants.com
Investor Relations:
Kale Consultants Limited is committed to create long-term sustainable shareholder value through successful implementation of its growth plans. The company’s investor relations mission is to maintain an ongoing awareness of its performance among shareholders and financial community.
Safe Harbor:
Certain statements in this release concerning our future growth prospects are forward-looking statements which involve a number of risks and uncertainties that could cause actual results to differ materially from those in such forward-looking statements. The risks and uncertainties relating to these statements include, but are not limited to, risks and uncertainties regarding fluctuations in earnings, our ability to manage growth, intense competition in IT services including those factors which may affect our cost advantage, wage increases in India, our ability to attract and retain highly skilled professionals, time and cost overruns on fixed-price, fixed-time frame contracts, client concentration, restrictions on immigration, our ability to manage our international operations, reduced demand for technology in our key focus areas, disruptions in telecommunication networks, our ability to successfully complete and integrate potential acquisitions, liability for damages on our service contracts, withdrawal of governmental fiscal incentives, political instability, legal restrictions on raising capital or acquiring companies outside India, and unauthorized use of our intellectual property and general economic conditions affecting our industry. The company does not undertake to update any forward-looking statement that may be made from time to time by or on behalf of the company.