InfoTech Enterprises Limited has announced that the audited financial results for the year ended March 31,2002 were taken on record by the board at it’s meeting held on 25 April 2002.
InfoTech Enterprises Limited: year-on-year performance
- Total Income up by 67% to Rs. 100.47 crore from Rs. 60.20 crore when compared to the previous year.
- EBITDA grew by 92% to Rs. 43.90 crore compared to Rs. 22.91 crore in the previous year.
- Net Profit before extraordinary item was higher by 67% at Rs. 28.76 crore compared to Rs.17.23 crore in the previous year.
- Diluted Earning Per Share for the year was at Rs 40.11 compared to Rs 29.00 in the previous year, up by 38%.
- 28 new customers were added during the year.
InfoTech Enterprises Limited: fourth quarter performance
- Total Income for the quarter was up by 52% to Rs.27.75 crore compared to Rs. 18.27 crore in the corresponding quarter previous year.
- EBITDA grew by 86% to Rs. 12.19 crore compared to Rs. 6.57 crore in the corresponding quarter in FY 2001.
- Net Profit was higher by 86% at Rs. 7.82 crore compared to Rs. 4.20 crore in the previous year.
- Diluted Earning Per Share for the quarter was at Rs. 11.43 compared to Rs. 6.93 in the previous year, an increase of 65%.
InfoTech Enterprises Consolidated Group performance during FY 2002
- Total Income was higher by 49% at Rs. 136.20 crore compared to Rs. 91.16 crore last year.
- EBITDA increased by 60% to Rs. 41.63 crore compared to Rs. 26.06 crore.
- Net Profit before extraordinary item was higher by 43% at Rs. 23.17 crore from Rs. 16.17 crore in FY 2001.
- Diluted EPS for the year was at Rs. 31.36 during FY 2002 compared to Rs. 27.21 in the previous year.
- Increased value across businesses resulted in higher revenues without significant change in human resources.
- Shift in human resources profile during FY 2002 – conscious increase in the quality of resources. Engineers / MCAs constituted 40% of InfoTech’s employees at the end of FY 2002 compared to 23% in March 2001. Undergraduate / diploma holders count reduced to 43% from 67% a year ago.
- GIS services division employed 60% of the billable resources at the end of FY 2002 compared to 79% at the end of the previous fiscal year. Engineering services and e-Solutions divisions employed 21% and 18% of the billable resources respectively in March 2002, compared to 5% and 14% last year.
Corporate Developments during FY 2002
- Entered strategic relationship with Pratt & Whitney, one of the largest international aircraft engine manufacturers. This contract is the most significant engagement by an Indian company in the engineering services domain.
- Executed end-to-end solutions for customers in India integrating GIS domain strengths with software solutions capability. Key customers include Noida Power Company and Hughes Tele.com.
- Maintained high growth trend with acquisition of Advanced Graphics Software, a German company with engineering services skills. Further strengthened European presence with acquisition of MapCentric, a U.K. based IT company, through InfoTech Europe.
- Software development and services business successfully assessed at SEI-CMM Level 5 only eight months after the Level 4 assessment.
- Sudhir Sethi, India head of leading venture capital Company Walden International, joined InfoTech as President and Executive Director. Sudhir is responsible for sales and marketing; corporate and M&A strategy.
Total Income was at Rs. 100.47 crore for the year ended March 31, 2002, an increase of 67% over Rs. 60.20 crore for the corresponding period of the previous year.