Aztec Q2 turnover dips by 0.5%

BANGALORE: Aztec Software and Technology Services Limited declared its second

quarter results, ended September 30, 2001, posting a turnover of Rs. 19.29 crore

and a net profit of Rs.6.99 crore. This compares with a turnover of Rs. 19.40

crore and net profit of Rs. 3.95 crore posted in the same quarter last year.

While the turnover has declined by 0.54 per cent, the net profits have grown by

76.97 per cent.

Announcing the second quarter results, S Parthasarathy, the chairman and

managing director of the company said, "While the market situation

continues to remain uncertain and challenging, the company has initiated several

steps to bring costs under control, which is reflected in the enhanced

profitability in this quarter."

In the second quarter the company let go about 10 per cent of their global

workforce. This was done to align capacity with immediate demand, keeping in

view the downturn of the market made worse by the recent events in the US. This

also ensured a balance in the skill mix to be in line with the Company’s

strategy to address the enterprise customers.

The Company while acknowledging the market uncertainty in the immediate term

expressed its confidence that several of its initiatives to penetrate the

enterprise market are proceeding in the right direction and therefore the medium

term outlook continues to remain strong.