Omnitech Q4 PAT dips 23% to Rs 8.5 cr

Omnitech InfoSolutions today reported a 22.72% decline in PAT to Rs 8.5 crore for the quarter ended March 31, compared to the same quarter last fiscal.

The Q4 PAT stood at Rs 11 crore in 2009-10, the company said in a statement here.

However, Omnitech posted a healthy 54.54% growth in total income to Rs 102 crore in the fourth quarter, compared to Rs 66 crore in the corresponding quarter last fiscal.

The total net profit of the company for FY11 on a consolidated basis rose by 36% to Rs 52 crore compared to Rs 38 crore in the previous year.

Similarly, the company's total revenue increased by 58% to Rs 346 crore compared to Rs 218 crore in the previous year.

"We have successfully achieved our guidance of 35% organic growth this year and it has been an all-round performance predominantly driven by managed services business," company Managing Director and CEO Atul Hemani said.

The company's Singapore JV has shown tremendous amount of traction in this fiscal, which enabled it to penetrate deeper into BFSI space via its niche services.

"Our European acquisition is also shaping up well and the two months' numbers definitely looks exciting. Omnitech is rightly poised in terms of infrastructure, people and processes to achieve the desired growth and we are definitely looking forward to achieve the multi-fold growth over the next couple of years," he added.

In FY11, Omnitech acquired Netherland-based Avensus and opened new offices in Chennai, Bangalore, Hyderabad, Ahmedabad and marked presence in Hong Kong by setting up a step down subsidiary.

The company also launched Market Data Services.