Chennai, Tamil Nadu, India
The Chennai-based Quintegra Solutions Ltd., (NSE:Quintegra), a leading provider of software solutions and services, has increased its net profit to Rs 1.99 Crore for the fourth quarter ended 31st March, 2007, a 133.64% increase compared to the corresponding quarter last year. The company's quarterly revenue too increased to Rs 17.37 Crore, up by 46.87% as against the same period last year.
Highlights - FY 2006-07
Qunitegra's 12-month standalone revenue stood at Rs. 62.97 crore and the net profit stood at Rs. 6.38 crores, as against annualized the revenue of 40.60 Crore and net profit of Rs. 2.75 crore in the previous year ended March 2006.
On a consolidated basis the annual revenue for the whole year rose to Rs.76.88 Crores. The profit zoomed to Rs.6.7 Crores, as against Rs.1.38 Crores in the previous year. Consequent to this the Earning per share rose to Rs.2.50 per share from mere Rs.0.51 in the previous year which is increased by close to 3 times.
Business Highlights
During the quarter, Quintegra has successfully completed the acquisition of ValleyUS Inc. in the United States and the Education product division bought from Jadelite Technologies, Singapore at an investment of Rs.47.00 Crores. "The acquisition is completed and integration is in the process "the company said in its press release. Consequent to this, the company has appointed Ms. Sunita K Nag, President of Valley US as Head of Quintegra's Services Business in America.
Commenting on the business performance of the company, Mr. Shankarraman Vaidyanathan, Chairman and Managing Director, Quintegra Solutions Ltd, said: "Our consolidation efforts started yielding the desired results and Quintegra is in the aggressive growth mode consequent to this two acquisition we have done during the last quarter of 06-07. We are always open for more acquisition in our area of offerings in the near future to fuel our growth, to reach the necessary markets and strengthen our offering to our customers across the world."
2007 Outlook
Mr. Vaidyanathan said, "We would achieve more than double our revenues and profits in the year 2007-2008. We would close this financial year started April 2007 with revenue of USD 40.0 Million and USD 6 to 8 million in profits. Our employees' strength would cross 1000 in this financial year as well. We would also get CMMI Level 5 certification in the next 3 months time of our offshore delivery facilities. During the last year the company has recruited close the 150 freshers from different colleges. This campus recruitment is expected to double in the current year. The company is setting up an additional 500 Seat facility in Chennai in this year to meet its current year growth.
He said that the company is planning to open our near shore facility in Ireland in this current financial year 2007-2008 to support its clients in Europe. In the first year it is expected to add 100 employees in this facility.
About Quintegra Solutions Ltd.
Quintegra, a Chennai based software services company, has been operating out of Chennai for the last 12 years. The company's shares are listed on The National Stock Exchange of India and The Madras Stock Exchange. The Company is a SEI CMM Level 4 certified company currently. It has two offshore facilities in Chennai and has close to 700 Employees globally.
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Quintegra Results
Source: Quintegra Solutions Ltd. (Business Wire India)
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