AGC Networks Q4 net profit more than doubles to Rs 8.72 cr

AGC Networks has reported that its consolidated net profit more than doubled to Rs 8.72 crore for the quarter ended March 2018.

It had registered a consolidated net profit of Rs 3.52 crore in the January-March 2017 quarter, AGC Networks said in a statement.

The Essar group company's revenue grew by 8.6 per cent to Rs 209.37 crore as against Rs 192.80 crore in the year-ago period, it added.

For the full year, net profit was up 44.5 per cent to Rs 14.93 crore, while revenue declined by 6 per cent to Rs 733.45 crore as compared to financial year 2016-17.

With re-organisation and cost optimisation initiatives completed, the same is reflective in steady growth of revenues, margin and operating income over the period of four quarters in financial year 2017-18, AGC Networks said.

"This has been possible due to the various domain-focused initiatives in each theatre to strengthen the organisation," it added.

The enterprise communications major has significant presence across Middle East, Africa, North America, Singapore, Australia, New Zealand and Philippines and serves over 3,000 customers.

"IT spending in India is expected to reach USD 87.1 billion in CY2018 according to the latest forecast by Gartner, Inc. This is an opportunity for AGC Networks as an innovative and seamless technology support provider of architecting, deploying, managing and securing the customer's digital environment through a pool of technological experts," AGC Networks Whole-time Director Sanjeev Verma said.

In a BSE filing, the company said its board has approved raising of funds by way of one or more public and/or private offerings for up to Rs 500 crore.

This could be through equity/equity linked instruments including on preferential allotment basis, qualified institutions placement (QIP), rights offer, global depository receipts (GDRs), american depository receipts (ADRs), foreign currency convertible bonds (FCCBs) etc.