|
| Infotech Q4 net up 35 per cent |
| Bs Reporter / Chennai/ Hyderabad Apr 24, 2010, 00:32 IST |
|
Information technology services provider Infotech recorded a 35 per cent increase in net profit to Rs 51.3 crore for the quarter ended March 31, 2010, as compared with Rs 37.9 crore during the same period last year. Revenues increased 2.31 per cent to Rs 244.6 crore during the quarter from Rs 239.07.
For the financial year ended March 31, 2010, the company posted a net profit of Rs 170.84 crore, up 84.73 per cent from Rs 92.48 crore in 2009. Revenues for the full year stood at Rs 953.12 crore, a 7.1 per cent rise over Rs 889.75 crore.
The company registered about Rs 34.5 crore on account of mark-to-market gains and lost about Rs 10 crore due to restatement.
The board of directors has recommended a 40 per cent dividend (Rs 2 per equity share of Rs 5 each) and a 1:1 bonus.
Infotech chairman and managing director BVR Mohan Reddy attributed the increase in profit to volume growth in business segments across geographies. “Decrease in manpower coupled with increased revenues added to better performance during the financial year,” he told mediapersons.
The company saw an attrition of about seven per cent last year and expects this to increase to 10 per cent this year as other companies are back in hiring mode, he said. Infotech plans to add 2,500 people during the financial year 2010-11. Currently, it has about 7,000 associates, including 1,000 onshore and about 6,500 offshore. “The associates would also get a pay hike in the range of three to ten per cent this year,” said Reddy.
Signs deal with Seawell
The company has signed a long-term engineering services contract with Seawell, a global oilfield services company, for setting up an engineering design centre with 150-200 people. Other details would be worked out soon, he said.
|
|
|
|
|
|
|
|
|
|
 Read Business news in |  |
|
|
|
|
|
|
Advertisements |
|
|
|
|
|
|
|
|
|
|
Content Guide
