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Infotech's revenues up by 30 percent

Andhra Pardesh,Business/Economy,Science/Tech, Wed, 18 Apr 2012 IANS

Hyderabad, April 18 (IANS) Infotech Enterprises Limited, a global technology solutions provider, has recorded a growth of 30.7 percent in revenues while the operating profit has gone up by 50 percent during 2011-12.


The Hyderabad-headquartered company registered revenues of Rs.15,531 million and operating profit of Rs.2704 million during the year.


B.V.R. Mohan Reddy, Chairman and Managing Director, Infotech, told reporters here Wednesday that operating margin for the year was 17.4 percent, an increase of 220 bps over last year.


Profit after tax was at Rs.1,614 million for the year, an increase of 15.5 percent over last year.


The revenues for the fourth quarter were at Rs.4,173 million, a year-on-year growth of 28 percent and quarter-on-quarter 0.2 percent. Operating profit stood at Rs.827 million.


Profit after tax was Rs. 698 million for the quarter, an increase of 106 over previous quarter.


"In spite of the macro economic uncertainty around the globe, we had a very good year in line with our expectations. We posted robust growth and higher profits because of customer centricity and long term growth strategy," he said while exuding confidence that 2012-13 would be equally good.


He said 70 percent of company's revenues during the year came from engineering while the rest was contributed by network and content engineering. In terms of geographies, North America remained the biggest market with 57 percent revenue while Europe contributes 32 percent.


The company re-aligned into four business units to accelerate growth and is aiming to become a billion dollar company in two to three years. The business units are: aerospace, heavy Equipment, transportation & HiTech, Utilities Telecom and Content.


The Mohan Reddy hoped each business would grow into quarter a billion unit.


The company, which added 16 customers during the fourth quarter, has cash balance of Rs.479 crore and is looking at acquisitions.


Infotech has taken on lease a new SEZ facility in Hyderabad, which will accommodate 1,000 employees. The firm hopes to save 150 to 200 basis points in taxes by moving to this facility.


It has also built its own SEZ facilities in Kakinada, Visakhapatnam and Noida. The facility at Kakinada will be 600 seater while it plans to have 1,500 engineers at Noida.


The company which has 9,334 employees, plan to recruit 1,500 associates this year. Thirty percent of the recruitment will be on campus.


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