Cranes Software cons revenue up 26% to Rs 3523mn

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Cranes Software International Ltd. (Cranes), a Company that provides Enterprise Statistical Analytics and Engineering Simulation Software Products and Solutions across the globe, today announced its audited financial results for the quarter ended December 31, 2008.

 

Cranes Software Group's financial performance review:

Corresponding Nine Monthly Comparison

9M FY09 (April - December 2008) v/s 9M FY08 (April - December 2007)

• Total revenues were up 26% to Rs. 3,523 million from Rs. 2,791 million

o Overseas revenues increased 33% and constitute 86% of total revenues

o Domestic revenues at Rs. 484 million for the period under review

• Operating profit improved by 16 % to Rs. 1,763 million from Rs. 1,517 million

• Net profit after tax is up 12% to Rs. 932 million from Rs. 832 million. Accordingly, diluted EPS grew 12.4% from Rs. 6.42 to Rs. 7.22 for the period under review

 

Corresponding Quarterly Comparison

Q3 FY09 (October - December 2008) v/s Q3 FY08 (October - December 2007)

• Total revenues higher by 6% to Rs. 1,102 million compared to Rs. 1,039 million in the previous corresponding quarter

o Overseas revenues increased by 4% to Rs. 900 million and constitutes 82% of total revenues

o Revenue growth muted as a result of curtailment of supplies particularly to distributors who are not paying on time

• Operating profit was down 3% to Rs. 546 million from Rs. 565 million. Operating margins were at 49% for the quarter ended December'08

• Net profit after tax fell 15% to Rs. 267 million translating into diluted EPS of Rs. 2.08 for the quarter under review

 

Commenting on the financial results, Asif Khader, Managing Director, Cranes Software International Limited, said: "Cranes Software has registered a growth of 26% in revenues to Rs. 3,523 million while PAT reflected a modest growth of 12% to Rs. 932 million Our business continues to remain robust, although reflective of current economic realities, we also did and do face challenges, particularly in regard to customer collections. Consequent upon these challenges, in spite of indents available for supply of products, during the quarter under review, we curtailed supplies particularly to recalcitrant distributors and hence, in fact, on a Sequential Quarter basis, there was drop of 13% in Revenue. Our effort continues to be focused on the Engineering and Scientific software segment, and simultaneously towards the robust areas of engineering simulation software and enterprise data analytics software since these products aid advancement of business processes and promote innovation. During the quarter, having completed the acquisition, Cranes successfully, at an operating level, integrated its recent acquisition of Cubeware, a business intelligence product company headquartered in Rosenheim, Germany. Financial integration of systems is yet to take place, however, and hence, the results do not reflect the impact of this acquisition. Going forward, we at Cranes will continue to focus on sustaining long term growth and improve productivity of resources in order to advance in this tough environment." 

 

Sourced From: Citigate Dewe Rogerson