Rolta Q4 net up 64% y-o-y

Rolta India, IT solutions and services firm, reported a net profit of Rs 59.21 crore for the fourth quarter ended March 31, 2016, registering a growth of 64.4% from Rs 36 crore in the corresponding quarter last year.

Revenue for the quarter slipped 10.5% at Rs 846 crore from last year's fourth quarter revenue of Rs 946 crore. On a sequential basis, revenue declined 13.7%.

For the full year, the company reported net profit at Rs 189.11 crore, declining 22.9% from Rs 245.17 crore and revenue for the year grew 3.3% at Rs 3,799.6 crore.

The Board of Directors have not recommended a dividend for financial year 2016.

"Close to a decade ago, we had embarked on an ambitious journey to transform Rolta from a predominantly GIS and engineering services company to an IP-led IT organisation. I believe we have now completed the transformation and are at the inflexion point to rapidly reap the benefits of our extensive investments in building solutions based on our rich and extensive repository of IP which will enable Rolta to be meaningful in the digital era and steadily grow in the years ahead," said KK Singh, chairman and managing director.

The company has also announced changes in the top management team as it grows the business to the next level. Lt. Gen KT Parnaik (retd.), currently president of Rolta's defense and security business, has been appointed as joint managing director and member of the board and will be in charge of defense and security business of the Company.

Rajesh Ramachandran, currently president of global products & technology solutions and CTO, has been elevated to the position of JMD and member of the board for 'Global Products & Technology Solutions".

Ramakrishna Prabhu, CFO, has been elevated to the position of 'director, corporate affairs & CFO' and a member of the Board.

Preetha Pulusani, president — onternational operations and member of the Board will continue to lead international operations in various geographies around the world.

Atul Tayal, JMD and member of the board, has stepped down from his positions, but will be available to ensure a smooth transition and for advice from time to time.