MUMBAI, INDIA: AGC Networks Limited, a subsidiary of Aegis Limited, part of Essar Group reported Rs.. 241 crore for the third quarter ended on December 31, 2011. Company's net profit jumped up 218 per cent at Rs.. 18.2 crore against Rs.. 5.7 crore same quarter last year.

''The positive outlook for Q3 is an apt reflection of our 10 cube growth strategy - that of Multiproduct,
Multipartner and MultiGeography. We have increased our OEM partnership portfolio significantly to
address the complete gamut of our solutions portfolio. This is in line with our strategy to be an end to
end solutions integrator from a pure play Business Communications company,'' said S.K. Jha, AGC Networks' managing director and CEO.

For the third quarter, unified communication and data practices contributed Rs.. 49 crore and Rs.. 51 crore, while security and storage and services contributed Rs.. 13 crore and Rs.. 66 crore, respectively.

However, compared to second quarter, the revenues slipped by 6.6 per cent where Q2 revenues stood at Rs.. 257 crore. Similarly, company's EBITDA fell short from Rs.. 30.97 crore previous quarter to Rs.. 29 crore in the ended December quarter. Profit after tax (PAT) dipped by 4 per cent for Q3 against Q2, however, PAT touched Rs.. 18.2 crore with a jump of 218 per cent compared to previous year same quarter. 

''The Q3 performance are mostly subdued compared to other quarters as most businesses go through budget planning, festivals affecting working days in organizations abroad and it delays the projects planning and executions impacting the targets. However, it doesn't mean opportunity is lost but it carried forward to the next quarter,'' Jha commented on fall in performance.

During the first nine month of fiscal, AGC reported 75 per cent growth with Rs.. 694 crore revenues compared to Rs.. 396 crore for same nine month previous fiscal.

''We have grown our market coverage from being just India centric to include MEA and ANZ, ASEAN and the revenue contributions are expected to kick in from the next financial year. We intend to launch our North American operations in the first quarter of the next financial year,'' C.M. Sharma, Aegis Limited's Global CFO said.

Company earns 90 per cent revenues from India and rest from Middle East Asia (MEA), Australia, New Zealand (ANZ) and other countries. However MEA , ANZ and other countries reported a fall of Rs.. 32 crore for the third quarter compared second quarter this fiscal.