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Having posted close to 30 per cent growth in its annual turnover and nearly 40 per cent rise in bottom line for the previous financial year (FY17), state-owned Gujarat Narmada Valley Fertilizers & Chemicals Limited (GNFC) is planning to take its information technology division, (n)Code Solutions, abroad.
The company’s IT division registered a 29.45 per cent growth in FY17 in its annual turnover to close at Rs 189 crore, up from Rs 146 crore in FY16, while its net profit grew 37.84 per cent from Rs 37 crore to Rs 51 crore.
With e-governance projects in the domestic market largely contributing to its growth, (n) Code Solutions is now planning to take the business overseas, looking to tap markets in Africa and West Asia.
“The basic revenue growth has come from e-governance, even though our digital signature and e-procurement business also posted growth. We will continue to participate in e-governance further. We are looking at going international with e-governance projects in African and West Asian markets as well as in e-procurement,” said Rajiv Kumar Gupta, managing director, GNFC.
The growth has come on the back of several new initiatives in the areas of smart cities, intelligent transportation, system integration, geographical information systems, security and surveillance, and digital mapping and surveys.
The company is the largest player in India for digital signature, providing digital signature to all government companies, MPs, and Parliament, among others.
“We have procured some prestigious projects in e-governance, including the transport department management project from Maharashtra as well as Ahmedabad Janmarg Ltd in Gujarat, and the land record project in Rajasthan. In case of digital signatures, too, we have registered a healthy growth. We also have the data centres business, where we are expanding with more number of data centres being set up across the country,” Gupta told Business Standard.
The company serves over 11,500 companies through its (n) Code platform for e-tender and e-procurement.