California Software Company Limited (Calsoft), a global IT Solutions company, today announced that its Board of Directors had taken on record and approved the audited financial results for the financial year 2007-08.

Highlights - Consolidated financial results for the year ended March 31,2008.

• Total Revenue was Rs.236.38 crores for the year; Year on Year (YOY) growth of 40% (Previous year was Rs.168.94 crores)
• Operating Profit (Profits Before depreciation, interest, amortization & taxes) was Rs.25.20 crores; YOY growth of 45%(Operating Profit previous year was Rs.17.40 crores).
• Profit after tax was Rs.15.47 crores for the year with an YOY growth of 94%(PAT Previous year was Rs.7.97 crores)
• Consolidated Earnings per share-EPS (basic) increased to Rs.13.94- an improvement of 36% over last year (previous year EPS-basic Rs.10.29).

The Board of Directors recommended a dividend of 10%(Re1.00 per equity share)-payable subject to approval of shareholders at the ensuing AGM.  This will be payable on the share capital base of 1236.50 lakhs shares. (Increased from 904.64 lakhs shares last year).

Current Year Prospects and Outlook (2008-09)

The outlook for 2008-09 looks promising.  The company proposes to continue its growth planned on a combination of organic growth coupled with synergistic acquisition strategy of products & service companies in related domains that will bring in overall value to the company as well as its offerings to the customers.

Positive Outlook for the future

Our outlook for the fiscal year ending March 31, 2009 is as under:

Revenue is expected in the range of Rs.300~Rs.320 Crores YOY growth of 27%~35%. The profit before tax is likely to be in the range of Rs.30~Rs.32 Crores.

Major Business highlights-Consolidated for the year 2007-08

Key Strategic Acquisitions:

Calsoft continued to make strategic acquisitions to achieve growth. During the year, the group made synergistic acquisitions in the following companies:

i) Aspire Communications, India

In July 2007, the Company acquired 51% equity in Aspire Communication Pvt. Ltd, India and its subsidiary Aspire Peripherals P Ltd and acquired majority stake in Aspire Soft, USA. The acquisition would help the Company to further augment its Product Engineering Services. This company has offices in Mysore, Bangalore, and San Jose USA Aspire focuses on providing Hardware Design Services to Technology companies. 

ii) International Innovations Inc.:

In February 2008 the Company has acquired 100% equity stake in International Innovations Inc. USA.  International Innovations is a technology consulting company specializing in Enterprise Information Management Solutions. The acquisition would help the Company to augment its Enterprise Solutions Division.

iii) Acquisition of balance 49% stake in Inatech Infosolutions Pvt. Ltd:

The Company has acquired the balance 49 % in Inatech Infosolutions Private Limited, thus facilitating Inatech Infosolutions Private Limited into a wholly Owned subsidiary of Calsoft. 

Amalgamation of Webspectrum Software Limited with the Company.

Pursuant to the scheme of amalgamation between the Company and its Wholly owned Subsidiary, Webspectrum Software Limited sanctioned by the Honorable High Court of Judicature at Madras in Feb 08, the undertaking Webspectrum software Limited stood transferred to and vested in the Company.

New Own property at Pallikaranai/ Chennai:

Calsoft is moving into its own campus at Pallikaranai, Chennai of 95,292 sq.ft., to house its software development centers. The new premises will cater to the future expansion plans of the Company in terms of new projects and ramping of headcount. The corporate office and development centres will be moved to new premises in the month of August 2008.

Head count increase

During the year 2007-08 there was a net addition of 158 employees into the group and there were 973 employees on rolls as on the year-end for the group. There was significant ramping up of sales organization in the ES segment.

Mr. S. (Sam) Santhosh, Managing Director Calsoft said “Compared to the previous year, Calsoft has delivered excellent results in FY 2007-08 both in terms of revenue as well as profits.  We have significantly built up on the foundation for sustained growth through strategic profitable acquisitions.  We were able to increase our market presence in Europe and rest of the world. 2008-09 will be a year of good performance and we aim to improve our profitability and strengthen customer relationships”.

Sourced From: Adfactors Public Relations Pvt Ltd