Logix net up 80% despite lower sales

Logix Microsystems, a provider of e-retailing solutions for the automotive industry, has posted a 80 per cent growth in its net profit to Rs 1.84 crore for the quarter ended September 30, as compared with the corresponding quarter of the previous fiscal.

The company was able to achieve this growth, by curbing its expenses as a result of which the gross expenditure for the quarter came down by 12.5 per cent to Rs 8.29 crore when compared with the same quarter previous year.

The revenue of the company came down by about 28 per cent in the quarter to Rs 9.02 crore when compared with the corresponding quarter a year ago.

Sanjay Soni, MD, Logix Microsystems said, “Increasing profits by 80 per cent while reducing expenditure by 12.5 per cent is an outstanding feat in today’s market conditions. Our brand fundamentals and the positive response to our solutions in the US automotive retail segment helped us move our performance trajectory further up.”