Third Quarter Magic Fuels Infotech Scrip

The share price of InfoTech Enterprises flared up on the bourses on Wednesday, fuelled by an impressive third quarter (Q3) result. While the scrip touched a high of Rs 475 on the National Stock Exchange (NSE), it closed at Rs 458, posting a 11.38 per cent gain over its previous day close of Rs 411. Volumes were also huge at 4,32,982 shares. On the Bombay Stock Exchange, the scrip closed 10.57 per cent higher at Rs 454.60 with a volume of 21,295 shares.

The company has recorded a 71 per cent rise in net profit at Rs 8.32 crore for the quarter ended December against Rs 4.86 crore registered for the corresponding period last year. Total income grew by 92.5 per cent to Rs 27.81 crore from Rs 14.45 crore. However, when the income earned by its subsidiary, Cartographic Sciences, which was recently merged with the company, is not taken into consideration, total income grew by 79 per cent. Sequentially, between the quarter ended September and December, net profit rose by 47.26 per cent and income went up by 16.9 per cent.

Earnings per share for the third quarter stood at Rs 13.6 compared to Rs 7.15 in Q3 of last fiscal. The company has added 22 employees in Q3, taking the staff strength to 1,909.

The company added about 12 new customers during the quarter. For the nine months ended December, the company earned a profit before tax of Rs 23 crore on a total income of Rs 70 crore. The consolidated results of InfoTech and its three overseas subsidiaries saw the overall net profit at Rs 13.81 crore on a turnover of Rs 96.11 crore.