VisualSoft Q3 net profit jumps 51%

HYDERABAD: VisualSoft Technologies Ltd., a software solutions and products company, has posted a net profit of Rs 8.36 crore on a total income of Rs 32.36 crore in the third quarter of 2002-03. It had recorded a Rs 5.53 crore profit on an income of Rs 26.04 crore, an increase of 51 percent and 24.39 percent, respectively, over the same quarter previous-year period.



The company has said in its release that software solutions accounted for Rs 30.4 crore, while products contributed Rs 1.17 crore. The solutions revenue had increased by 27.9 percent over the Rs 23.77 crore in the third quarter of 2001-02. "We are now firmly on the path to being a solutions provider. We expect this trend to continue," V Krishnan, vice-president, finance of VisualSoft said.

The company, founded by DVS Raju, a former managing director of Satyam Computer Services Ltd, posted a sequential quarter net profit growth of 3.57 percent, and 4.66 percent in its total income, with solutions revenue growing 6.14 percent over the July-September quarter.

The net profit for the April-December period was Rs 23.80 crore on a total income of Rs 92.32 crore. The company added a client each in the insurance and technology/IP segment. Meanwhile, the paid-up equity share capital of the company been increased from Rs 19.65 crore to Rs 19.79 crore with the allotment of 1,46,520 ESOPs, at the rate of Rs 93.65 per share. VisualSoft would be holding an EGM on February 14 to ratify the allotment of ESOPs by stakeholders.