Blue Star Infotech drops after weak Q2 results

Blue Star Infotech lost 5.6% to Rs 81.45 after the company's consolidated net profit fell 24.81% to Rs 3.06 crore on 16.34% growth in total operating income to Rs 69.06 crore in Q2 September 2013 over Q1 June 2013.

The company announced the second quarter results after trading hours on Thursday, 17 October 2013.

Blue Star Infotech said that the company acquired 48.97% stake in ActiveCubes Solutions India (ActiveCubes) on 31 July 2013. The results of ActiveCubes for the period 1 August 2013 to 30 September 2013 have been consolidated with the results of the company. Blue Star Infotech said that the results for the quarter and half year ended 30 September 2013 are not strictly comparable with results of other quarters since it includes the results of ActiveCubes and Blue Star Infostack (Malaysia) Sdn. Bhd.

Blue Star Infotech said that the company's strategic partnerships in mobile business applications will be leveraged for future growth. The company also said that it has achieved considerable traction in mobility services and has expanded service offerings in this vertical. Blue Star Infotech continues to further strengthen its leadership team with diverse and experienced leaders and has appointed Rohit Sinha as Head of Sales for India, Singapore and Europe, the company said.

Commenting on the second quarter results, Sunil Bhatia, MD & CEO, Blue Star Infotech said: "We have seen consistent growth since last eight quarters. This remarkable progress is validation of our business strategy adopted two years ago. Our continued focus on our core competencies in verticals like travel and hospitality and services like Product Engineering and Analytics has helped achieve our targets. Additionally, our foray into emerging technologies like mobility has also begun to show results. We will strengthen our way forward through partnerships with leading players in our focus areas. We will continue to invest in solutions as well as our sales capacities".

Blue Star Infotech, a technology consulting and services company. Blue Star Infotech caters to the IT and software R&D needs of enterprises globally, and offers a broad spectrum of services ranging from Application Development and Management, Product Engineering, Package Implementation and Testing to emerging areas such as Business Intelligence/Analytics, Mobility and Cloud Computing.

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