CPT Q2 net profit up 292%, Income up 611%

4561 Investors following Core Projects &. Share this News with them.

0

Like this story, share it with millions of investors on M3

CPT Q2 net profit up 292%, Income up 611%

Core Projects & Technologies declares 5% Interim. Q2 Net Profit up 292%, Income up 611%. To Close FCCB issue of Rs 56.35 crore by Nov, 2006

Post your opinion here

 

0

Tweet

Share on Tumblr

RELATED NEWS Lenovo introduces ThinkCentre desktop PCs 6 Indian software companies join ISA ALSO READ See latest News about Core Projects & See previous management interviews See what other Experts & Brokerages are saying about Core Projects & CORE Education BSE | NSE 25/05/12 Are Mutual Funds betting on CORE Education?

Core Projects and Technologies Limited, one of the fastest growing Indian IT service providers across education, telecom and healthcare sectors, has declared excellent results for the quarter ended September 30, 2006, with its consolidated net profit up 292% YoY, to Rs 5.86 crore from Rs 1.5 crore. The company's board of directors has also declared an interim dividend of 5%.

The company's consolidated total income has also seen a jump of 611% YoY to Rs 30.28 crores from Rs 4.25 crores. The increase in income is partially due to the merger of Software Technical Services Inc, USA (STS) into the company with effect from April 1, 2006. The annualized weighted EPS for the quarter was Rs 33.05, against Rs 18.76 during the corresponding quarter last year.

This brings the consolidated total revenues for the first half of the current financial year to Rs 59.36 crore. Consolidated net profit for the half-year is at Rs 10.84 crore.

The company expects to close its FCCB issue of Rs 563.50 million by 15th November 2006. The proceeds will be mainly used for acquisitions in the USA and UK. This is expected to substantially improve the revenues and profits of the company in FY07.

Core Projects is also expanding its offshore development facility in Mahape, Navi Mumbai, by a further 200 seats, and has made the necessary land purchases. The expansion is slated to be complete by December 2006.

During the September quarter, the company allotted 76.34 lakh equity shares of Rs 10 each as bonus shares in the ratio of 2:1. The consolidated financial results include the results of Core's 100% subsidiaries, Atlanta-based Enterprise Computing Services and Core Projects and Technologies Limited, FZE (UAE).

With offices in the US, the UK, Africa, Middle East and India, Core Projects & Technologies Ltd. has delivered 50 projects to its global clientele. The company is a leader in the IT business with a special focus on vertical industries like Healthcare, Education, Government, and BFSI. Other areas for Core include Pharmaceutical, Health Sciences and Bio Science Manufacturing and Distribution, and Engineering. 

Sourced From: Concept Public Relations India Pvt. Ltd