Aztec Q1 revenues up 2,207%

BANGALORE: Bangalore based Aztec Software and Technology Services Ltd.

(Aztec) has posted a turnover of Rs 13.84 crore for the first quarter, compared

to Rs 13.78 crore for the full year ended March 31, 2000. Its net profit for the

quarter stood at Rs 4.53 crore, which exceeds the net profit of Rs 4.11 crore

posted by the company for 1999-2000.

The company has achieved an impressive quarter on quarter growth rate of

2,207 per cent with revenues growing from Rs 60 lakh in the first quarter of

1999-2000 to Rs 13.84 crore this quarter. Announcing the first quarter

performance, Aztec Software chairman and CEO S Parthasarathy said, "Aztec’s

phenomenal growth is a result of the company’s technological edge and business

focus on the B2B eCommerce markets such as the ASPs (Application Service

Providers) and Net market makers. Based on the performance of the first quarter,

we are confident of exceeding our targeted turnover of Rs 72 crore in the

current year."

In the current fiscal, Aztec is chalking out plans for a major multi-crore

expansion to meet the growing demand for its services. To finance the expansion,

the company plans an IPO later this year.