Coromandel Infotech eyes Rs 150 cr turnover in FY14

The company will focus on their process manufacturing, mining, energy & utility and banking verticals

Software services firm Coromandel Infotech eyes Rs 150 crore turnover this fiscal by aggressively focusing on process manufacturing, mining, energy & utility and banking verticals in the US, Middle East and South Africa.

     

The Chennai-headquartered firm posted revenues of Rs 120 crore in 2012-13 helped by growth in the small and medium businesses (SMBs) in oil and gas sector in the US, manufacturing in Middle East and banking in South Africa, among others.

     

"We are targeting revenues of Rs 150 crore this fiscal and Rs 500 crore by 2014-15 by leveraging our strength in the niche verticals like process manufacturing, mining, energy & utility, infrastructure and logistics," Coromandel Infotech India Ltd President Lalatendu Mishra told PTI.

     

Besides, the firm's expertise in solution frameworks like asset management, asset visibility, remote data capture and transmission, trace & tracking will further help the company in achieving the target, he added.

     

"We will remain focused on verticals like process manufacturing, mining, energy & utility, infrastructure and logistics for the next 6-8 quarters in the US, India, Middle East and South Africa," Mishra said.

     

Coromandel Infotech, which is finacially backed by N Srinivasan-led India Cements, drives a major part of its revenues from the US followed by India & Middle East and South Africa.

     

It employs 400 consultants in India and 100 in the US.

     

On outlook, Mishra said, "We are seeing SMBs in the US market recovering, which is good news for us. Also the banking vertical in Africa is a growing area. Besides, manufacturing in India as well as the Middle East is good. This is where we feel Coromandel will get its growth from."

     

He said the company is on the lookout for the right acquisition in the US and could acquire a firm in this financial year.

     

Coromandel had acquired silicon valley-based IT services company Inirus LLC in 2010 to compliment service offerings and strengthen presence in North America.