Bengaluru, Karnataka, India
Cambridge Technology Enterprises Ltd. (CTE), a thought leader, innovator, and a leading provider of comprehensive SOA - based solutions to mid sized enterprises in the US markets, today announced its Q1 results for the fiscal 2007-2008.
Highlights
Consolidated Results for April to June (Q1-08) quarter ending 30th Jun, 2007:
-- Total Revenue on consolidated basis for CTE was Rs.1031.06 lakhs compared to Rs.577.94 lakhs of revenue for the Quarter ended 30th June 2006, which translates to over 78% growth over previous year Q1. With respect to the revenue of Rs 595.84 Lakhs for Q4-2007 (Jan-Mar 2007 quarter) the sequential growth in revenue on QoQ was 73%.
-- Profit Before Tax was Rs.201 lakhs, compared to Rs. 139 lakhs of Profit Before Tax for the Quarter ended 30th June 2006 which translates to over 44% growth in profit. With respect to the PBT of Rs 79 Lakhs for Q4-2007 (Jan-Mar 2007 quarter) the sequential growth in Profit QoQ was over 154%.
-- EPS for the period is Rs.1.11 on a paid up capital of Rs 1582 lakhs compared to Rs 1.43 for Quarter ended 30th June 2006 on a paid up capital of Rs 950 lakhs; the sequential growth in EPS on QoQ basis was 18% up from Rs 0.9 per share for Q4-2007 (Jan-Mar 2007 quarter).
-- In this quarter, the company added 10 new customers to its customer base and offered its SOA related transformation services to 3 clients.
During this quarter, CTE completed acquisition of ComCreation Inc. This strategic acquisition has added a Hi-tech Vertical to the company's portfolio of services and enhanced its delivery capacity.
Cambridge Technology Enterprises Ltd (CTE) - Standalone.
Cambridge Technology Enterprises Ltd (CTE) derives its revenues primarily from its billings to its WOS (Wholly owned subsidiary) in US, CTE Inc which has all the customer contracts, the billing is done based on the Service agreement between the two entities based on the transfer pricing rules. Total Revenue for the quarter ended June, 30, 2007 was Rs. 450.06 lakhs with PBT of Rs 113.44 Lakhs and PAT of Rs 99.98 Lakhs on account of the tax provisions made in line with the Minimum Alternate Tax (MAT) applicable to the current fiscal.
Mr. Bhaskar Panigrahi, CEO, Cambridge Technology Enterprises Ltd (CTE) said, "The robust numbers reaffirm increasing acceptance of our SOA solutions and services in midsize market segment. The positive growth with sustained profitability has been possible due to a balanced combination of organic growth and synergistic acquisition strategy. We are pleased with the synergy realization and integration benefits from ComCreation acquisition and this combination shows a lot of promise in future. We have also entered into a definitive agreement to acquire Reilly Associates Inc., which will add to our growth in next quarters."
Ramesh Reddy, Chief Financial Officer, commenting on the results said "The deployment of funds from IPO have started showing results in terms of growth of revenues and profits in absolute terms, while the appreciating rupee against dollar is aiding us in our inorganic investments in acquisitions, it also impacted our profitability percentage margins."
Senior Management Changes
Three major changes have been incorporated.
-- Mr. D R R Swaroop, Whole time Director of CTE has assumed the position of Head- Corporate Governance.
-- Mr. Thomas John, CEO of ComCreation has assumed the role of heading the Hi-tech Practice of CTE as Vice President, Hi Tech Practice.
-- Mr. Nagesh Rao, Duvvuri, Whole time Director & Co-Founder of ComCreation while continuing to head the India operations of ComCreation will also head the Corporate Development activities of CTE as Vice President.
Others
10 new clients were added in the quarter and the head count of the complete group stands at 265 compared to the number of 134 as at 31st Mar 2007 a growth of 98%.
About Cambridge Technology Enterprises Ltd. (CTE)
Cambridge Technology Enterprises Ltd. (CTE) is a thought leader, innovator, and a leading provider of comprehensive SOA-based solutions and Enterprise Transformation applications. A SEI CMMI Level 5 company, CTE, with its Center of Innovation located at Cambridge, Massachusetts, US, provides revolutionary solutions on budget and on time. It operates under various verticals like Banking and insurance, Life Sciences and Health care, High Tech, energy & utility, wireless and mobile to name a few.
CTE entered the capital market in the month of December'2006, got listed in the month of Feb'2007 and raised funds of the order of Rs.2400 lakhs through a Fixed Price issue. CTE's shares are listed in India on the Stock Exchange - Mumbai, and the National Stock Exchange. For more information, please visit our website at www.ctepl.com
To view the unaudited financial results, please click on the links given below:
Unaudited financial results
Source: Cambridge Technology Enterprises Limited (Business Wire India)
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