Micro Tech consolidates Q1 at Rs 18.30 cr

MUMBAI, INDIA: Micro Technologies (India) Ltd. reported impressive financial performance for the first quarter ended on June, 30, 2008. The company reported consolidated net income of Rs 66.76 crore, an increase of 93 percent over the corresponding quarter in the previous year.

Consolidated net profit for the quarter at Rs 18.30 crore reported a sharp increase of 74 percent. Consolidated earnings per share for the quarter at Rs 16.67 was up by 66 percent.

On a standalone basis, net income at Rs 57.76 crore grew by 67 percent while the standalone net profit at Rs 17.44 crore grew by 65 percent.

The top line growth was driven by strong sales reported in security and messaging segment.

Ganapathy V., Head Business Intelligence, Micro Technologies, said: “Our continuous innovation, prompt time to market and repeat sales ensured healthy performance for the just concluded quarter. Our security and tracking products portfolio is steadily growing and we have strong product pipeline which will help us to continue the growth momentum. On margin front too, due to improved efficiency and effective marketing, things can only get better.”