Aztecsoft posts Q1 net loss at Rs 9.29 cr

The revenue of the company grew by 30 per cent year on year to Rs 76.77 crore in the wake of strong demands for the existing clients.

The company said the loss in the first quarter was primarily due to sudden depreciation of the rupee that resulted in a non-cash charge of Rs 22.24 crore being provisioned on the outstanding derivative instruments. The provision was expected to reverse during the subsequent quarters, the company said in a statement.

Samir Bodas, CEO of Aztecsoft said, "We have again managed to show impressive QoQ revenue growth and improved operational efficiency, leading to margin optimisation. This has helped us grow our operating margins despite the impact of annual wage increases during this quarter. Given the macro economic environment, we remain cautious, but are very well prepared operationally to capture the demand."

The company added six new customers during the quarter, which took the number of its active clients to 75. As on June 30 , 2008, Aztec's cash and cash equivalents stood at Rs 74.35 crore.