Powersoft Global PAT up by 74%, Revenues up 52%

Powersoft Global, a leading developer of radio frequency identification ("RFID") technology for manufacturing, retail, and supply chain applications with the goal of saving labor and improving sales, today reported its yearly profit & revenue numbers with a 51.81% rise in revenue and a massive 74.49% jump in the net profit for the year ended March 31, 2011.

The company saw an increase in net sales by an impressive 51.81% from Rs. 44.74 cr to Rs. 67.92 cr for the year ended March 31, 2011 while the profit after tax stood at Rs. 7.80 cr, resulting into an increase of 74.49%, as against Rs. 4.47 cr in the corresponding period of the last fiscal.

Commenting on the results, Mr. Manish Poddar, CEO - Powersoft Global Solutions Ltd said, “Our performance for the year has been remarkable. We will continue to chart our growth by meeting the ever increasing demand for state-of-the-art automatic identification capabilities across the world. The coming year promises unparallel growth in the RFID sector.”

About PGSL
Powersoft Global Solutions Ltd. (PGSL) is a recognized leader in RFID solutions for clients in manufacturing, retail, libraries, hospitality and healthcare, and transportation & logistics. With in-depth experience and comprehensive solutions, PGSL provides leading edge RFID solutions to businesses and organizations in order to help them overcome problems associated with tracking of equipment, inventory and people.

The company is focused on providing complete RFID solutions using proprietary technology. PGSL has distinguished itself as the company of choice for delivering real value while simplifying the adoption of RFID. PGSL knows how to make RFID work for the benefit of its customers, whether providing end to end visibility through all manufacturing and distribution processes or tracking material and human assets. PGSL's solutions help create and sustain superior performance by improving visibility in processes and asset tracking. 

Our management team consists of seasoned veterans in software, hardware, RF technology, corporate development, and marketing. They have worked in important product development roles for major organizations including Fortune 500 companies.

Our engineering staffs, composed of highly experienced hardware and software engineers from the RFID industry, have developed RFID technology that is able to keep track of any activity associated with RFID tagged equipment and inventory in real time.

PGSL announced consolidated revenues of Rs. 5126 lakhs and PAT of Rs. 622.62 lakhs for nine months ended December 31, 2010 growth of 105% and 74% respectively for the previous corresponding period. Bangalore based PGSL has units in India, South-East Asia, Middle East, Europe and North America PGSL enjoys an impressive customer base including major Financial Institutions and Multi-National Corporations.

About Radio Frequency IDentification (RFID)
Radio frequency identification (RFID) is the use of an object (typically referred to as an RFID tag) applied to or incorporated into a product, animal, or person for the purpose of identification and tracking through radio waves.

The technology, which is said to have limitless possibilities for commercial, industrial and personal purposes, can be useful to companies or establishments that need to keep tabs on a huge inventory by easing their workload and processes.