Infotech Enterprises' Q2 net up 44%

Revenue stood at Rs 549.28 cr vs Rs 477.14 cr

Infotech Enterprises Limited, a Hyderabad engineering solutions provider, has seen a 44.1 per cent increase in its net profit to Rs 72.5 crore for the second quarter ended September 2013, as compared to Rs 50.31 crore in the corresponding quarter last year.

Its revenues for the quarter under review stood at Rs 549.28 crore, as against Rs 477.13 crore during the same period last year, reflecting a growth of 15.12 per cent.

“In spite of uncertainties in the global economies and challenges of ramp-ups among few of our large customers, we had a very stable business for the past four quarters. The current performance and the strong existing order pipeline make us feel confident that we are back on accelerated growth path,” BVR Mohan Reddy, chairman and managing director of Infotech Enterprises, said in a release on Thursday.

The company said that employee addition continued to be strong during the second quarter of FY14, with the gross and net addition being 1,195 and 724 respectively.

During the second quarter, the company has inaugurated a new rolling stock and components (RSC) engineering centre for its long-standing partner Alstom Transport, a France-based supplier of rail products including locomotives, passenger stock and turnkey rail systems.

It has also opened a new facility in the US as a near-shore delivery centre for one of the largest original equipment manufacturers of on-road vehicles, besides relocating the entire TomTom centre of excellence team of over 500 associates at Noida to a single Infotech facility in the Noida special economic zone.

Infotech Enterprises’ scrip ended the trade at Rs 240 on the BSE on Thursday, up 6.50 per cent, over the previous close of Rs 225.35 a share.