Infotech's net up by 15 percent
Infotech enterprises, a Hyderabad-based engineering solutions provider, Thursday said its net profit during 2013-14 stood at Rs.266 crore, an increase of 15 percent over last fiscal.
The annual revenue of the company was Rs.2,206 crore, a jump of 17.8 percent over the previous year.
Infotech chairman B.V.R. Mohan Reddy told reporters that the firm registered a revenue of Rs.595 crore in the quarter ended March 31, a growth of 28 percent year-on-year. The net profit during the fourth quarter was at Rs.70 crore, up 28 percent.
The company crossed milestone of 12,000 associates. It added 3,545 employees during the year.
Infotech also added 43 customers during the year including 22 in engineering.
"The business momentum has picked up considerably in the second half of last financial year (FY 2013-14), reflected in QoQ growth for the last two quarters. The backlog and order pipeline are very healthy. We are very confident that this momentum will continue during the current financial year (FY 2014-15)," said Mohan Reddy.
He said they would will focus on operating levers such as utilization, sales efficiency and management overhead to improve operating margins in the current financial year.
"Considerable amount of effort and money has been invested in branding, reorganization and sales compensation restructuring. All three initiatives will lead to accelerated growth and better efficiency. The impact of these will be seen in the second half of the financial year (FY 2014-15)," he added.
The company elevated Krishna Bodanapu, son of Mohan Reddy, as managing director and chief executive officer.
"Krishna has done outstanding work in the company since joining us in 2001 and has been president and COO for the last two years. Krishna and his team will be responsible for all operations. I will move into the role of executive chairman focusing on medium and long term issues that will ensure continued growth and sustainability," said Mohan Reddy, who is the founder of the company.
(Posted on 24-04-2014)
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