NuNet eyes 60% growth in business

Vizag-based NuNet Technologies, an IT services provider focusing on delivering smart solutions in the areas of IT applications, business process management, enterprise solutions and consulting services, is targeting a 60 per cent growth in business this fiscal.

"We achieved a total turnover of Rs 4.95 crore in the fiscal ended March 31, 2005. Of it, software exports turnover accounted for about Rs 4.75 crore as against the total turnover of Rs 3.6 crore achieved in the previous year, thus registering a growth of about 37 per cent. This fiscal, we expect to clock a turnover of Rs 8 crore," Subba Rao Jayanti, chief executive officer of NuNet Technologies, told Business Standard.

Rao said that the company was looking for new business opportunities in enterprise computing for biosciences, which could be useful for pharmaceutical companies in the areas of R&D and enterprise document management systems in the country and abroad. "Due to this, we expect a 60 per cent growth in business this fiscal," he said.

The company is currently developing new solutions to cater to the needs of the pharmaceutical sector, and e-learning systems for foreign universities.

"We expect Rs 7 crore software exports turnover and Rs 1 crore domestic business from these new solutions," Rao said, adding that the company was also planning to ramp up its headcount to 135 professionals from the present 110.

NuNet has recently acquired 3 acres of land from the state government at a subsidised price at Madhurawada near Visakhapatnam. "We are going to invest close to Rs 1.5 crore in the Madhurawada project. Once everything is in place, we will be shifting our existing operations from the city to Madhurawada," Rao said.

NuNet currently has 12 major clients in New Zealand, the US, Germany, Japan and Singapore besides a few clients in the country.