Infotech Enterprises Q4 net up 29%

Revenues for quarter under review stood at Rs 594.8 cr, as against Rs 464.4 cr, reflecting a growth of 28%

Infotech Enterprises Limited, a Hyderabad-based engineering solutions provider, reported a 28.8 per cent increase in net profit at Rs 69.83 crore for the fourth quarter ended March 2014, as compared with Rs 54.21 crore in the corresponding quarter of the previous year.

Revenues for the quarter under review stood at Rs 594.8 crore, as against Rs 464.4 crore, reflecting a growth of 28  per cent.For the full year ended March 2014, net profit was at Rs 266 crore, as against Rs 231 crore, an increase of 15 per cent, while revenues grew 17.8 per cent to Rs 2, 206.4  crore,  as against Rs 1, 873 crore during the same period in FY13.

“The revenue growth and improved profitability was driven by our D&A (data and analytics) business, which has been growing 20 per cent year-on-year,” Krishna Bodanapu, president and COO of Infotech, told mediapersons here on Thursday.

As part of organisational realignment, Bodanapu, son of Infotech chairman and managing director BVR Mohan Reddy, has been elevated to the position of  managing director and chief executive officer of the company while Reddy’s younger brother and president B Ashok Reddy, president (global human resources and corporate affairs), will now be chairman of Infotech’s all subsidiaries.

“There is always a necessity in terms of new leadership. Hence, I have decided to move into the role of an executive chairman of the board,” Mohan Reddy said.

Stating that the company was moving to S3 ... from being a Services provider to building an ecosystem for next-generation Solutions and Systems, Bodanapu said the strategy was almost done.