Infotech Enterprises has posted 82 per cent increase in its profit for the third quarter ended December 31, 2012 at Rs 61.82 crore, up from Rs 33.96 crore it logged for the corresponding quarter last year.
The revenue of the Hyderabad-based IT services company for the third quarter was up 14 per cent at Rs 475 crore as against Rs 416.52 crore for the corresponding quarter last year.
However, in dollar terms the revenue for the third quarter was up by 7.3 per cent at $ 87.6 million and 0.5 per cent respectively quarter on quarter.
The company has paid an interim dividend of 40 per cent.
B.V.R.Mohan Reddy, Chairman and Managing Director of Infotech, in a statement said, "We had a stable Q3 in spite of challenges in Europe and also with Hi-tech vertical, we maintained small revenue growth and robust margins."
"We believe some of these challenges are market driven and also internal to the organisations. Markets are certainly showing signs of recovery and actions are being taken to strengthen the internal organisation. We hope to get back to stronger growth path on revenues in the next one to two quarters and the long term business prospects remain strong," he added.
During the quarter, the company added 11 customers, with two of them in the utilities segment and 9 in engineering.
The new special economic zone at Kakinada in Andhra Pradesh was inaugurated. The company now has a cash balance of Rs 508 crore.
The company shares closed the day trade down 2.38 per cent at Rs 178.30.