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Scandent net increases a shade high

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CIOL Bureau
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BANGALORE: Scandent Solutions Corporation Ltd posted a net profit of Rs 85 million for the quarter ended December 31, 2005, up five percent from that reported for the corresponding quarter a year ago.

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On a sequential basis, the net profit remained almost the same.

Total revenues of the company increased six percent to Rs 844 million from Rs 798 million reported for the previous quarter. The growth in revenue over the corresponding period previous financial year was 20%.

Operating income was Rs 139 million compared to Rs 138 million the previous quarter.

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Scandent said the growth in operating income over the corresponding period previous financial year was 37 percent. The company's earnings per share on a fully diluted basis for the quarter were Rs. 2.90.

This is the sixth quarter of sequential growth in revenues and operating income after the company consummated its merger with the IT division of SSI Limited.

The company's three core verticals, Banking, Financial Services and Insurance (BFSI), Government and Manufacturing & Logistics, contributed 25%, 21% and 54% of the Dec'05 quarter revenues respectively. The US operations of the company contributed 70% of the total revenues with its Asia Pacific operations at 14% and Europe at 16%.

The company added 18 new clients during the reporting quarter and the number of clients with an annual revenue run rate tracking at greater than $1 million increased to 16 from 15 in the previous quarter.

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