Tanla Solutions posts 78 percent jump in revenues

July 14th, 2008 - 10:23 pm ICT by IANS  

Hyderabad, July 14 (IANS) Tanla Solutions Ltd, a leading telecommunications software provider, has reported 78.68 percent jump in revenues during the first quarter of current fiscal. The total revenue of the company during the April-June period was Rs.1.69 billion ($39 million) against Rs.945 million for the corresponding quarter of 2007-08. The revenues grew by 14.71 percent on sequential basis.

Net profit has increased to Rs.564 million, year-on-year increase of 69.60 percent, said a company statement here Monday.

“The last quarter has been exciting with milestones achieved with our acquisition of Openbit which gives us a global footprint inside millions of handsets to enable on device payments,” said Uday Reddy, chairman and managing director of Tanla Solutions.

It was during this quarter that Tanla acquired 85 percent in the Finland-based Openbit for $15.81 million at a total valuation of $18.60 million.

The company added 18 new clients in the UK and Ireland and 20 in India. It launched interactive campaign manager product in India, to help enterprises and telecom operators manage, set and run mobile campaigns.

The Hyderabad-headquartered company signed connectivity agreements with all operators in Spain, South Africa, Dubai and Singapore. The revenues from these agreements are likely to commence from second quarter.

The firm added 145 employees during the quarter taking the global workforce to 526.

Tanla had offices in London, New York, Dubai, Singapore, Dublin and Colombo. It is listed on both National and Mumbai Stock Exchanges with a market capitalisation exceeding $550 million.

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