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Cranes PAT increases 74%

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CIOL Bureau
New Update

BANGALORE: Cranes Software International Ltd (CSIL), a global scientific and engineering software solutions provider, has announced an increase of 74 percent in net profit after tax (PAT) to Rs 3.6 crore for the quarter ended June 30, 2003 from Rs 2.08 crore in the corresponding quarter last year.

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Its consolidated net sales for the quarter ended June 30, 2003 increased by 62% to Rs 13.5 crore as compared to Rs 8.3 crore in the corresponding quarter last year. EBITDA was higher by 97 percent at Rs 6.7 crore in the first quarter of the fiscal year 2004 from Rs 3.4 crore as margins increased by about 900 basis points to 50.1 percent.

CSIL’s net sales grew by 65 percent to Rs. 113.18 million compared to Rs 6.8 crore in the corresponding quarter previous year, while net PAT increased by 91 percent to Rs. 3.6 crore from Rs 1.9 crore.

Commenting on the performance for the quarter, CSIL MD Asif Khader said, “We are singularly focused on our core competence of assessing and aligning with the requirements of scientists and engineers worldwide. The performance reported in the first quarter and the ongoing financial improvements we continue to deliver clearly signifies the success of this strategy. We have made encouraging progress across our business segments, extending our software products with several new introductions developed by leveraging our R&D competencies effectively. At the same time, we have invested in developing IP in technologies of the future that we are confident will enhance our visible business horizon thereby creating long-term benefits for all our stakeholders.”

(CNS)

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