Results
for quarter ending 30th June, 2007
Bengaluru, India - 31 July
2007: Cambridge Technology Enterprises Ltd.
(CTE), a thought leader, innovator, and a leading provider
of comprehensive SOA – based solutions to mid
sized enterprises in the US markets, today announced
its Q1 results for the fiscal 2007-2008.
Highlights
Consolidated Results for April
to June (Q1-08) quarter ending 30th June, 2007:
- Total Revenue on consolidated basis for CTE was
Rs.1031.06 lakhs compared to Rs.577.94 lakhs of
revenue for the Quarter ended 30th June 2006, which
translates to over 78% growth over previous year
Q1. With respect to the revenue of Rs 595.84 Lakhs
for Q4-2007 (Jan-Mar 2007 quarter) the sequential
growth in revenue on QoQ was 73%.
- Profit Before Tax was Rs.201 lakhs, compared to
Rs. 139 lakhs of Profit Before Tax for the Quarter
ended 30th June 2006 which translates to over 44%
growth in profit. With respect to the PBT of Rs
79 Lakhs for Q4-2007 (Jan-Mar 2007 quarter) the
sequential growth in Profit QoQ was over 154%.
- EPS for the period is Rs.1.11 on a paid up capital
of Rs 1582 lakhs compared to Rs 1.43 for Quarter
ended 30th June 2006 on a paid up capital of Rs
950 lakhs; the sequential growth in EPS on QoQ basis
was 18% up from Rs 0.9 per share for Q4-2007 (Jan-Mar
2007 quarter).
- In this quarter, the company added 10 new customers
to its customer base and offered its SOA related
transformation services to 3 clients.
During this quarter, CTE completed
acquisition of ComCreation Inc. This strategic acquisition
has added a Hi-tech Vertical to the company’s
portfolio of services and enhanced its delivery capacity.
Cambridge Technology Enterprises
Ltd (CTE) – Standalone.
Cambridge Technology Enterprises Ltd
(CTE) derives its revenues primarily from its billings
to its WOS (Wholly owned subsidiary) in US, CTE Inc
which has all the customer contracts, the billing is
done based on the Service agreement between the two
entities based on the transfer pricing rules. Total
Revenue for the quarter ended June, 30, 2007 was Rs.
450.06 lakhs with PBT of Rs 113.44 Lakhs and PAT of
Rs 99.98 Lakhs on account of the tax provisions made
in line with the Minimum Alternate Tax (MAT) applicable
to the current fiscal.
Mr. Bhaskar Panigrahi, CEO, Cambridge
Technology Enterprises Ltd (CTE) said, “The robust
numbers reaffirm increasing acceptance of our SOA solutions
and services in midsize market segment. The positive
growth with sustained profitability has been possible
due to a balanced combination of organic growth and
synergistic acquisition strategy. We are pleased with
the synergy realization and integration benefits from
ComCreation acquisition and this combination shows a
lot of promise in future. We have also entered into
a definitive agreement to acquire Reilly Associates
Inc., which will add to our growth in next quarters.”
Ramesh Reddy, Chief Financial Officer, commenting on
the results said “The deployment of funds from
IPO have started showing results in terms of growth
of revenues and profits in absolute terms, while the
appreciating rupee against dollar is aiding us in our
inorganic investments in acquisitions, it also impacted
our profitability percentage margins.”
Senior Management Changes
Three major changes have been
incorporated.
1. Mr. D R R Swaroop, Whole time Director
of CTE has assumed the position of Head- Corporate Governance.
2. Mr. Thomas John, CEO of ComCreation
has assumed the role of heading the Hi-tech Practice
of CTE as Vice President, Hi Tech Practice.
3. Mr. Nagesh Rao, Duvvuri, Whole time
Director & Co-Founder of ComCreation while continuing
to head the India operations of ComCreation will also
head the Corporate Development activities of CTE as
Vice President.
Others
10 new clients were added in the quarter
and the head count of the complete group stands at 265
compared to the number of 134 as at 31st Mar 2007 a
growth of 98%.
About Cambridge Technology
Enterprises Ltd. (CTE)
Cambridge Technology Enterprises Ltd.
(CTE) is a thought leader, innovator, and a leading
provider of comprehensive SOA-based solutions and Enterprise
Transformation applications. A SEI CMMI Level 5 company,
CTE, with its Center of Innovation located at Cambridge,
Massachusetts, US, provides revolutionary solutions
on budget and on time. It operates under various verticals
like Banking and insurance, Life Sciences and Health
care, High Tech, energy & utility, wireless and
mobile to name a few.
CTE entered the capital market in the
month of December’2006, got listed in the month
of Feb’2007 and raised funds of the order of Rs.2400
lakhs through a Fixed Price issue. CTE’s shares
are listed in India on the Stock Exchange – Mumbai,
and the National Stock Exchange.
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