Infotech Enterprises Q4 net profit at Rs 18.5cr

Infotech Enterprises Limited (IEL), a global technology services and solutions provider recorded a net profit for the Q4 ended March last at Rs 18.54 crore as against Rs 26.01 crore in the same quarter last year.      

B V R Mohan Reddy, Chairman and Managing Director, IEL told mediapersons here today that the lower net profit was due to provision of Rs 30.96 crore for (Mark-to-Market) losses on forward contracts.  

"However, we have improved our operating margins by 230 basis points over the sequential quarter, despite global slowdon and volatile currency markets," Reddy added.      

He said the company posted sales of Rs 235 crore in last quarter as against Rs 187.40 crore last year, thus, registering a growth of 25.4%.      

Reddy said there is significant growth in turnover for the last fiscal as the turnover was registered at Rs 889.75 crore which is 32% higher over the previous year's turnoover and the net profit stood at Rs 92.48 crore as against 85 crore.      

The IEL Chairman said the company has put hold on new acquisitions for the time being mostly due to slowdown of economy. However, he was optimistic about the next year.