Cambridge Technology Enterprises Ltd records 123 per cent growth

November 14th, 2007 - 8:12 am ICT by admin  
Consolidated results for July to September (Q2-08) quarter ending September 30, 2007 are totalrRevenue on consolidated basis for CTE was Rs1329.22 lakhs compared to Rs 595.02 lakhs of revenue for the quarter ended September 30 2006, which translates to 123 per cent growth over previous year Q2.

With respect to the revenue of Rs.1008.44 lakhs for Q1-FY2007-08 (Apr-Jun 2007 quarter) the sequential growth in revenue on QoQ was 32 per cent.

Profit Before Tax was Rs 248.40 lakhs, compared to Rs. 147.43 lakhs of Profit Before Tax for the Quarter ended 30th September 2006 which translates to 69 per cent growth in profit.

With respect to the PBT of Rs.201.12 lakhs for Q1FY2007-08 (Apr-Jun 2007 quarter) the sequential growth in Profit QoQ was over 23.63 per cent.

EPS for the period is Rs.1.34 on a paid up capital of Rs 1582 lakhs compared to Rs 1.44 for Quarter ended 30th September 2006 on a paid up capital of Rs 950 lakhs.

In this quarter, the company added seven new customers to its customer base.

CTE derives its revenues primarily from its billings to its WOS (Wholly owned subsidiary) in US, CTE Inc which has all the customer contracts, the billing is done based on the Service agreement between the two entities based on the transfer pricing rules.

Bhaskar Panigrahi, CEO of CTE said, “The key development in this quarter is to have completed the formalities to acquire Reilly Associates Inc as announced. This has enhanced CTE’s service coverage capability to offer Oracle ERP implementation, support and gives access to over 60 mid-sized customers who would be targeted for migration onto SOA platform.”

“The synergy that has evolved from the combined offerings of CTE and Reilly has helped the company convert a one-time project order into a multi-year multi-million dollar recurring revenue order. We have had another good growth quarter and expecting to continue the growth trajectory in future as well,” he added.

Total Revenue for the quarter ended September, 30, 2007 was 481.36 Lakhs compared to Rs 415.03 Lakhs for the previous year quarter ended September 30, 2006. The PBT for the quarter ended September 30, 2007 is Rs 106.73 compared to Rs 129.76 Lakhs for the previous year September 30, 2006. Sequentially, the previous quarter ended June 30, 2007 revenue was Rs. 450.06 lakhs and PBT of Rs 113.44 Lakhs.

Commenting on the results, Ramesh Reddy, Chief Financial Officer, said, “The trend that started from the beginning of this fiscal continued this quarter. We are also focusing on further improvement in enhancing the revenues by leveraging the added service capabilities, sales and marketing efforts and existing customer base and also integrating global delivery and support systems to help sustain margins in the rapid growth phase.” (ANI)

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