Aztec returns to profit

BANGALORE: Aztec Software and Technology Services Ltd has posted a turnover of Rs41.40 crore for the financial year ending March 31, 2004 as compared to a turnover of Rs43.85 crore in the previous year ended March 31, 2003.

However the company posted a net profit increased to Rs2.18 crore for the year ended March 31, 2004 as compared to net loss of Rs6.18 crore in the previous year ended March 31, 2003. The consolidated net profit of the company has increased to Rs1.31 crore for the year ended March 31, 2004 as compared to net loss of Rs4.21 crore in the previous year ended March 31, 2003. It possess cash and equivalents of Rs 75.70 crore on its balance sheet.

For the fourth quarter ending during the same period, the Company posted a turnover of Rs12.69 crore and a net profit of Rs79 lakh as compared to a turnover of Rs7.61 crore and a net loss of Rs2.86 crore in corresponding period last year. This compares with a turnover of Rs10.42 crore and a net profit of Rs10 lakh posted in the subsequent quarter ended on December 31, 2003.

The consolidated net profit increased to Rs18 lakh for the fourth quarter ended March 31, 2004 as compared to a net loss of Rs2.88 crore in the corresponding quarter of the previous year ended March 31, 2003.

Aztec added four new customer this quarter and increased its workforce to 467 as against 425 on December 31, 2003. It is also setting up its third development center in Bangalore and has acquired five acres of land in Whitefield, Bangalore to set up its own campus.

V Chandrasekaran Managing Director and CEO of Aztec said, "We are glad to announce a fourth consecutive quarter of profits this year and we remain optimistic about the long-term opportunities. We have responded to the challenges by enhancing customer focus and by building an efficient sales and delivery engine. We are closely monitoring the market situation and believe that our unique business model and prudent risk management practices, coupled with deep client relationships, give us a sustainable long-term advantage. We see tremendous traction in the segment we operate and are enhancing our readiness to take maximum advantage of the opportunities going forward. We have taken several new initiatives to increase the business and have augmented our own global sales force to maximize these initiatives. Our objective is to become the partner of choice to the global technology companies by leveraging our comprehensive solutions portfolio, domain expertise, wide network, strategic partnerships and alliances and cost effective delivery capability. "

CIOL Bureau