Infotech Q3 net up 87 p.c.

HYDERABAD: Infotech Enterprises Limited registered a net profit of 87% for the third quarter ended December 31, 2005, to Rs 133 million.

Operating revenues for the quarter increased by 14.2 percent to Rs 940 million compared to the previous 823.9 million. EPS for the period was recorded at Rs 8.77, an increase of 21.6 percent.

The results for the quarter were taken on record by the Board at its meeting held today.

BVR Mohan Reddy, chairman and managing director, Infotech Enterprises attributed the rise to initiatives taken by the company. “The various initiatives undertaken over the last two years are now resulting in the achievement of significant growth at Infotech
Enterprises.”

“Going forward, we expect to continue delivering significant growth on the back of increased order intake and visibility in both the verticals,” he added.

During the quarter Infotech had inaugurated a 10,000-sq.ft hi-tech Center of Excellence in Engineering Design and Technical Publications for Airbus Platforms. The company was chosen by SP AusNet to provide geospatial data maintenance services for their gas and electricity network assets under a two-year contract. Over 500 people were hired in its offshore conversion services operations to deliver on contracts awarded by KPN Telecom and a leading UK-based environmental risk consultancy.

Infotech has started participating in the design and development of Pratt & Whitney’s new aircraft engines and has also continued to deliver on some key ongoing projects such as component design for Boeing’s 787 ‘Dreamliner’ projects.