Powersoft Global revenue jumps 105%, net up 74%

Powersoft Global Solutions Ltd., (BSE Code: 532736) India’s fastest growing RFID company, today reported its its quarterly profit & revenue numbers with a 74% rise in PAT and a massive 105% jump in the revenue for the quarter ended December 31st, 2010.

The company reported a turnover of 5,126 lakhs in Nine Months ended 31.12.2010 as compared to 2,501.66 lakhs for the previous corresponding period, thereby registering a growth of 105%.

Powersoft Global PBT for Nine Months recorded at 648.61 lakhs as compared to 382.48 lakhs for the previous corresponding period, thereby registering a growth of 70%.

PAT for Nine Months is recorded at 622.62 lakhs as compared to 358.77 lakhs for the previous corresponding period, thereby registering a growth of 74%.

Commenting on the results Mr. Manish Poddar, Chairman, Powersoft Global Solutions Ltd said, “We are extremely pleased with the results. The growth registered is due to focus on Chinese and European markets and capitalization of our burgeoning RFID business. We expect to continue to expand our solutions portfolio and targeting new client implementations”.

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 staff, 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.

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 both 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.