Infotech net down 27% to Rs 12 crore

Infotech Enterprises, a Hyderabad-based geo-spatial, design engineering and software services and solutions company, witnessed a 27 per cent decline in net profit to Rs 11.96 crore for the quarter ended June 30, 2007 compared with Rs 16.40 crore during the corresponding quarter last year.

Its total income, however, grew 20 per cent to Rs 145.77 crore during the quarter, against Rs 121.32 crore.

"The profit after taxation (PAT) was impacted largely due to translation losses and lesser share of profits from the joint venture (JV) with Hindustan Aeronautics (HAL)," the company stated in a press release on Wednesday.

The company had established a 50:50 JV with HAL during the quarter. The JV would mainly focus on aero-engines, technical publications and anticipated work from various original equipment manufacturers (OEMs) under the offset programmes.