Infotech registers 40 percent growth

April 21st, 2008 - 10:47 pm ICT by admin  

Hyderabad, April 21 (IANS) Global IT service provider Infotech Enterprises Ltd recorded 40 percent revenue growth during the 2007-08 fiscal. The revenues for the year stood at $167.5 million, a year-on-year growth of 40 percent. Revenue from engineering services crossed $100 million for the full year the company announced Monday.

Its profit before tax (PBT) crossed Rs.1 billion, thus registering a growth of 18.1 percent in profit.

For the fourth quarter that ended March 31, the revenues were $46.6 million, a sequential growth of 6.4 percent. The revenues in rupee terms were Rs.1.87 billion, a sequential growth 6 percent.

“The company has delivered a robust growth performance during the quarter and the year under review,” said B.V.R. Mohan Reddy, chairman and managing director of Infotech.

The company, which has been consistently recording over 40 percent growth in dollar terms for last four years, has given a guidance of 30 percent growth for the current fiscal.

The German and US subsidiaries of Infotech grew in excess of 42 and 36 percent respectively during the year. Asia Pacific, India and the Middle East contributed to around 10 percent of its total revenues.

“Manufacturing, utilities and telecommunications, our key verticals continue to be robust in growth and don’t show any signs of slow down. Our engineering services business contributed to over $100 million to our revenues for the first time in the history of the company,” Reddy said.

The $165 million company is also eyeing acquisition in Europe and the US.

Infotech added 1,890 people during the year, taking

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