CyberTech Offshore revenue up 27%

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CyberTech Systems and Software Limited today announced results for the quarter and six months ended September 30, 2007.

 

Highlights - Consolidated

 

- Six Months ended September 30, 2007

· Revenue increased by 6% to Rs. 37.91 cr.

· Offshore Revenue increased by 27% to Rs. 8.67 cr. and contributed 25% of Software Revenue

· Net Profit of Rs. 2.02 cr.

· Rupee appreciation affected Revenue and Net Profit.

 

Quarter ended September 30, 2007

 

· Revenue of Rs. 18.15 cr.

· Offshore Revenue of Rs. 3.50 cr. contributed 21% of Software Revenue

· Net Profit of Rs. 56 lacs

· Rupee appreciation affected Revenue and Net Profit.

 

Commenting on the performance, Mr. Viswanath Tadimety, Chairman, said, "Judicious mix of offshore and onsite revenue along with recurring income from surplus property has helped us to mitigate the challenge of significant rupee appreciation."

 

Business Outlook

 

CyberTech provides SAP, GIS, custom business applications and networking solutions. The company has proprietary state-of-the-art advanced technology centers equipped with latest SAP environment to develop end-to-end solutions and tools. It has been working as a part of development and support team with ESRI with strong focus on SAPESRI integration. Networking practice is focused on providing resources to its joint venture company, which is a Cisco Systems strategic partner.

 

The company caters to Commercial Enterprise Sector (60% of revenue) and Public Sector (40% of revenue). Focus on quality of services has ensured continuous customer loyalty as indicated by 90% contracts renewal.

 

CyberTech plans to grow business through mining existing large customers and winning new customers due to strong relationships with SAP and ESRI. The company has added some new clients in SAP, GIS and Networking practice. It is targeting to capture networking market in Asian and Middle East countries. The company has been recently selected from a small group of partners to work on a product pioneered jointly by SAP and Microsoft. The company maintains its focus on services around SAP and GIS with emphasis on offshore development.

 

The company has state of the art offshore development center measuring 65,000 sq. ft. at Thane, part of which has been leased out. This facility also has FSI of 2 times the existing built up area which is yet to be utilised. It also has property at Andheri which has been leased out. These surplus properties would continue to generate free cash flow which can be used productively to sustain growth momentum. 

 

Sourced From: Equicorp