Megasoft net up 73%

Megasoft, which provides telecom products, application and technologies under its 'Xius' brand, registered a 73 per cent growth in its consolidated net profit at Rs 16.29 crore for the quarter ended September 2007, compared with Rs 9.41 crore posted during the corresponding quarter in the previous year.

The company's income during the quarter under consideration increased 79 per cent to Rs 76.81 crore from Rs 42.92 crore in the same period last year.

GV Kumar, managing director and chief executive officer, Megasoft, stated that the company's performance in the quarter reflected transformation of its telecom products business into a hosted application service provider (ASP) model, with more than 65 per cent of the revenues coming from long-term contracts.