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Infotech Enterprises reported a 22 per cent dip in its consolidated net profit for the quarter ended March 31.Its net profit for the quarter was Rs 54.21 crore, as against Rs 69.8 crore in the year ago quarter
Its revenue for the quarter was Rs 464 crore, up 11.3 per cent from Rs 417.35 crore in the corresponding quarter of the previous fiscalFor the whole year, the firm notched up revenues of Rs 1,873 crore, with net profit being Rs 231 crore, up 43 per cent YoY.
The employee gross addition for the year was 3,092, the highest ever for the company. It added 64 customers during the year.
To pay 50%
The board of directors at its meeting today recommended a final dividend of 50 per cent at Rs 2.50 a share on face value of Rs 5 each.
BVR Mohan Reddy, Chairman and managing Director, said despite the global uncertainties, the company achieved its highest ever collections. “We are confident of significantly better business performance in the current fiscal,” he said in a statement.
Krishna Bodanapu, President and COO, said the dip in profit was mostly the anticipated ramp downs along with the completion of a major project in North America. However, the volume of business increased due to a change in its product mix and increased focus on offshore works.
During the year, the company opened new offices in Seoul, South Korea and Perth, Australia, apart from a delivery centre in US. It currently operates an 80-seater facility in San Jose, California and a 50-seater facility in Florida, both in US.
With the completion of its Bangalore special economic zone project, the company now has presence in five SEZs, including Noida, Hyderabad, Kakinada and Visakhapatnam.
Its share closed at Rs 163.75, on the BSE, down by 2.85 per cent.
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