Bartronics net profit up by 393.50% to Rs 23.52cr

Bartronics India Ltd, Hyderabad-based company pioneering end-to-end solutions for Automatic Identification and Data Capture and Radio Frequency Identification, has posted a magnificent 393.50 per cent rise in net profit at Rs 2352.17 lakh for the first quarter ended on June 30, 2008.

The net profit in the corresponding period of the previous fiscal was Rs 476.63 lakh.The company’s board during its meeting held today took on record the un-audited consolidated financial results. The company has reported a growth of over 368.82 per cent in net sales at Rs.11, 985.78 lakh for the period ended June 30, 2008 as against Rs 2,556.60 lakh in the last financial year.“The strong growth has been the result of continued focus on the smart cards business by the company and its recent expansion in the US and the South Asian Markets “, said Mr Sudhir Rao, Managing Director, Bartronics India Limited.

The Smart Cards business has stabilised after a tumultuous start last year and the capacity utilisation have moved up to about 65%. In the overseas market, the company is capitalising on the traction achieved in the US market, with the revenues from this market alone reaching Rs. 40.37 crores during the quarter. Similar positive trend is also seen in the company’s operations in South Asia with its subsidiary in Singapore reporting revenue of Rs. 11.6 crores during the quarter.

With a strong order book position across all the markets, the company expects to drive its niche market image to greater heights post integration of its business units that will be completed by September 2008, Mr. Rao said.

The company’s basic earnings per share rose to Rs 8.53 for the quarter ended on June 30, 2008 as compared to Rs 2.67 in the corresponding period last fiscal. The diluted earning per share was Rs 6.18 in the quarter ending June 30, 2008 as against Rs 1.59 in the corresponding period previous year.

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