AGC Networks swings into profit in Q4 at Rs 47.01 cr

Helped by improved efficiency and a new management team, Essar group firm AGC Networks today said it has come back to black with net profit of Rs 47.01 crore for the quarter ended March 31, 2015.
The ICT solutions provider had registered a net loss of Rs 55.25 crore in the year-ago period.
The company's revenues increased by 36.5 per cent to Rs 241.61 crore in the said quarter from Rs 176.94 crore in the January-March 2014 quarter.
"Sharp focus on core and strategic areas in each of AGC's geographies underscores our overall business financials. International business has stabilised under the leadership of Sanjeev Verma. Middle East and Africa has attained significant growth in the year," AGC Networks Managing Director and CEO Anil Nair said.

The new office at Philippines and anticipated opening up of opportunities in Singapore and ASEAN will help AGC set the pace, he added.
For the fiscal ended March 2015, the company posted a net profit of Rs 14.77 crore (as against a loss of Rs 271.59 crore), while revenue was up 15.2 per cent at Rs 888.78 crore.

He added that all verticals -- banking, financial services and insurance, IT, government and PSUs, BPO and healthcare -- were growing at a healthy pace.
"In the coming quarters, we will also focus on new verticals like manufacturing, telecom, pharmaceuticals and retail as these are showing a lot of promise," Nair said.

The company is also strengthening its presence across carious markets like the US, Saudi Arabia and Singapore, he added.
AGC Networks had a headcount of about 750 people at the end of the reported quarter and is looking at ramping the number by 5-10 per cent in the coming fiscal, he said.