Infotech Enterprises Limited (BSE: INFOTECENT, NSE: INFOTECENT) has announced that its unaudited financial results for the quarter ended 31st Dec, 2007 were taken on record by the Board at its meeting held today.

Note: All discussions in the announcement cover consolidated financial performance of Infotech Enterprises Limited and its subsidiaries.

Commenting on the Third quarter FY 08 results Mr. BVR Mohan Reddy, Chairman and Managing Director, Infotech Enterprises, said, “I am pleased to announce another strong quarterly performance. The company has delivered a robust growth performance during the quarter under review, due to its strong momentum across its business operations and the initiatives undertaken over the years. I’m delighted to bring to your attention that the Total Income in the first nine months of this fiscal has crossed Rs. 500 Crs threshold”

During the quarter we delivered a robust 11.0% sequential growth and 39.6% Y-o-Y growth in revenues in $ terms, which is in line with our projections. Operating margin has been maintained at 18.1% despite exchange fluctuations. Growth that we witnessed in our business this quarter is broad based – both UTG and EMI segments have witnessed sequential growth of 20% and 7% respectively in $ terms.

During the quarter we have been selected as Framework supplier by OGC/Catalist for UK Government work. We have figured among the “200 Best under a Billion $” as listed in the Forbes Asia recent issue.

Our diversified revenue portfolio, both in currencies and geographies, makes us believe that the operating margins are not likely to be impacted any further, barring dramatic currency movement. Going forward, we expect to continue to deliver significant growth on the back of increased order intake which is quite strong and visible in both the verticals.”
BUSINESS HIGHLIGHTS

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During the quarter, we won 2 (Two) multi-million dollar upgrade and migration projects for Tier One Telecom clients.
* Selected as Frame work supplier by OGC/ Catalist for UK Government work.
* Pratt & Whitney announced the selection of its new high technology Geared Turbo Fan engine by Mitsubishi. Infotech has played a key role in the design of the test rig and expect higher level participation in the final design.
* Our initiatives of expanding into Australian market a year back yielding strong results now and is among the fastest growing market segments. Infotech has several strong engagements in this market.
* About 30 Infotech ACE Quality System consultants are deployed in various parts of the world to assist UTC Fire & Security in timely completion of ACE assessments planned. This is the new service offering after Infotech reached ACE Gold Level in Engineering at Hyderabad.
* We have added 469 new associates during the quarter of which 368 are in UTG vertical and 79 are in EMI.
* 8 new customers are added during the quarter of which 3 are in EMI vertical and 5 are in UTG vertical
* We have figured among the “200 Best under a Billion $” listed in the Forbes Asia recent issue.
* We opened a new 150,000 SFT facility in Electronics City, Bangalore on Oct 24, 2007 and have consolidated all the existing facilities into this new facility.
* I-Bridge, an initiative of company-wide roll out of SAP has been successfully completed.

Sourced From: Perfect Relations Limited

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