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| Cambridge Tech net up 200% |
| BS Reporter / Hyderabad Nov 03, 2008, 16:25 IST |
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Cambridge Technology Enterprises, a Hyderabad-based provider of service-oriented architecture (SOA) solutions, witnessed a 199.52 per cent increase in net profit to Rs 6.35 crore for the second quarter ended September 30, 2008, as compared with Rs 2.12 crore in the corresponding period last year.
Revenues for the quarter stood at Rs 51.58 crore, as against Rs 13.29 crore, an increase of 288.11 per cent. Basic earnings per share was Rs 4.01, as against Rs 1.34.
“The significant growth in revenues and net profit has been primarily on account of our careful monitoring of the business environment and the potential impact of the global markets on our business, mitigating the risks and increased offshoring,” said Ramesh Reddy, chief financial officer of Cambridge.
The company would focus on retaining and growing business in its key accounts during the next six months. "With the global economy in turmoil, we expect to see delays in kicking off new projects. However, our researches indicate that to enhance productivity and cut cost, our customers are planning to increase outsourcing. We are proactively leveraging our global delivery model and hope to take advantage of our global delivery centres,” said Chairman and CEO Bhaskar Panigrahi.
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