Cambridge Technology Enterprises standalone net profit declines 57.83% in the September 2016 quarter
Cambridge Technology Enterprises, a leading IT services leader focused on big data and cloud convergence, has posted 86 per cent growth in net profit in the third quarter of 2016-17, ended on December 31.
The net profit in Q3 was Rs 5.49 crore as against Rs 2.95 crore during the same period last fiscal.
The company, which announced its results on Tuesday, said its revenues increased by 54 per cent.
The revenue during the quarter was Rs 25.31 crore against Rs 16.65 crore during the corresponding period of 2015-16.
EBITDA at Rs 5.56 crore grew 139 per cent year on year. The Earning Per Share (EPS) also increased by 86 per cent.
"CTE's performance is on track and consistent with the growth that it has delivered through the past seven quarters, since the inception of business plan focussing on convergence of big data and cloud," it said.
CTE, which had base revenues of Rs 32.25 crore in FY15, expects it to go up to Rs 75.4 crore in nine months of FY17. Similarly, Profit After Tax (PAT) is expected to be Rs 12.5 crore against Rs 3.1 crore in FY15.
"Revenues are in line and profitability is above what the market was talking about and is improving. What is really amazing is that this market is evolving faster, adoption is evolving faster.
"We have built larger base and want to capitalize on it. We are now in the position to become a significant business in this market and we are building the next transformational business and focusing values," CTE Chairman Aashish Kalra told IANS.
"The focus now for the next six months and what we will achieve in 2020 has to be that we will be specialising in the field around this integrated offering. So we need to focus on what is scalable and what is profitable," said Kalra, who took over as the Chairman in 2015 after acquiring the Hyderabad-based firm.
"We were in 20 crore in 2015 and have grown to roughly 100 crore, which is our target. Now we have to stabilise that 100 crore with the right kind of business and right kind of profitability," he added.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)