Prithvi Info Solutions Q1 turnover increases to 404.33 cr

Prithvi Information Solutions Ltd. (BSE code: 532675), a Rs. 1871.35 Crore Global Information and Communication Technology (ICT) company, announced its Q1 results, for the quarter ended, June 30, 2010.

The company saw an increase in revenue by 1 % from Rs. 400.73 Cr to Rs. 404.33 Cr during the same period for the last fiscal. The profit after tax for the quarter ended June 30, 2010 stood at Rs. 8.53 Cr, resulting in a decrease of 51 %, as against Rs. 17.63 Cr in the corresponding period of the last fiscal.

Earnings per share reduced to Rs. 4.41, as against Rs. 9.26 in the previous quarter.

Commenting on the results Mr. Vuppalapati Satish Kumar – MD, Prithvi Information Solutions Ltd. said, “We would like to thank our shareholders for their continuous support and trust in our endeavors. This is going to be a year of consolidation for us. We plan to cut down on low margin businesses and concentrate on high margin ones. This will help us create the platform to reach the target of USD 1 Billion by 2013. IT Services, Telecom Engineering Services and Telecom products, which are distinct businesses, are expected to witness substantial growth. We will continue to grow organically and inorganically to sharpen our focus on the 3 year target.”

Recent developments during the quarter:

Acquisition of Performance Management consulting specialist – Percentix
Prithvi Information Solutions Ltd has acquired US-based Percentix Inc, a business intelligence consulting company specializing in Enterprise Performance Management (EPM) .  The acquisition will further strengthen the business intelligence offerings, a key growth area for Prithvi

Won second SDC order worth Rs. 12.5 crore from Haryana:
Prithvi Information Solutions Ltd. (PISL) won an order worth Rs. 12.5 crore from the government of Haryana to develop its Haryana State Data Center (SDC). The Government of Haryana apparently chose PISL over a host of other bidders like TCS, Wipro, HCL, Reliance, SPANCO and Sify.

About Prithvi Information Solutions Limited
Prithvi Information Solutions (PISL) is a global Information and Communication Technology (ICT) company, which brings together its industry, functional and technical expertise to provide valuable solutions to its customers and ensure their success. PISL specializes in Telecom engineering and products, Enterprise Resource Management, Outsourced Product Development, Business Intelligence , Infrastructure Services, E-governance, Mobile platforms and Systems Integration among various other expertise. PISL’s R&D driven approach to solving complex business problems of customers, often results in innovative solutions that positively impact the customer’s bottom line.

PISL is ranked 12 among all the IT services Exporters by NASSCOM. Prithvi is constantly rated among the top 50 fastest growing companies in India and top 500 of Asia by Deloitte.  PISL services customers in various geographies including USA, Brazil, Canada, Middle East and India. PISL is publicly listed in NSE BSE. For more information please Visit www.prithvisolutions.com