Infotech Enterprises Ltd's total income and net profit for
the first quarter ended June 30, 1999 touched Rs. 8.36 crore and Rs. 2.30
crore,
respectively, double the corresponding figure the previous year. Sales income increased by
182% and net profit by 150%. The annualized earnings per share stood at Rs. 16.45,
compared to Rs. 11.70 for the fiscal year 1998-99. Gross profit after interest increased
to Rs. 2.89 crore from Rs. 1.12 crore last year for the same period. Operating expenses
were Rs. 5.29 crore as against Rs. 1.85 crore for the corresponding period last year.
The company has adopted a growth strategy of acquisitions.
In the last quarter, it acquired Dataview Solutions Ltd., giving it access to the European
markets and a development center in London. It will also be acquiring Cartographic
Sciences Pvt. Ltd. in SEEPZ, Mumbai, a wholly owned subsidiary of ASI Inc, USA. With this,
it expects to touch Rs. 142 crore in 5 years).
During the quarter, Rajeev Lal joined as the COO of
business software division, and ORS Rao as the Executive Vice President, while Mohan
Krishna Reddy was appointed as the Chief Financial Officer.