Megasoft Q1 net rise by 24 per cent

MUMBAI, INDIA: Megasoft Limited posted net profit of Rs 15 crore for the first quarter ended March 31, 2008, an increase of 24 per cent over Rs 12.1 crore posted for the corresponding quarter a year ago.

The company’s revenue for the quarter was at Rs 90.3 crore, an increase of 39 per cent over the year ago quarter.

Income from operations for the quarter was Rs 66 crore. The net margins was reduced from 18.6 per cent in Q1 2007 to 16.6 per cent in Q1 2008 mainly due to additional one time severance cost incurred in bcgi.

The company got two telecom patents during the quarter. “Q1 2008 was a quarter for consolidation for Megasoft post acquisition of bcgi. The company was able to start realizing the synergies and was able to leverage the management bandwidth of bcgi in expanding the company’s presence in the American markets significantly,” said GV Kumar, managing director and CEO, Megasoft.