Tulip IT Services Ltd reports 64.25% revenue growth in Q4

Tulip IT Services Ltd today announced financial results for the quarter and fiscal year ended March 31, 2007. The company reported a revenue growth of 64.25 % over the corresponding quarter last year. In the last quarter, the company enhanced its product portfolio, aggressively expanded network coverage and reported continued strong growth in wireless data revenue.

"Our impressive performance in the fourth quarter demonstrates the continuing strength of our business model," said Lt Col Bedi, CMD, Tulip IT Services. "During the year, we expanded our sales teams and enhanced our delivery capabilities by expanding our network footprint to over 800 cities. We now have a strong management team in place to build the business going forward. We are seeing early returns from these investments as we widen our lead in wireless data services using which we are uniquely positioned to deliver carrier class quality to our enterprise customers. We have established a framework to bolster our business operations and drive future growth and profitability," said Col Bedi.

He further added "Our efforts in 2007-08 will be centered on further improving cost efficiencies and providing significant quality of service differentiation and cost advantages to our customers. This will enable us to improve subscriber acquisition and retention and extend our lead in data services. Our go to market mantra is ‘Partnership for Growth’."

"With India’s impressive growth at more than 8%, the benefits can now be seen in the growth of rural and semi urban areas. Tulip is uniquely positioned to align itself to this growth in retail, telemedicine, financial and citizen services."

Tulip IT Services reported revenues of Rs 293.10 crores for the quarter ended March 31, 2007, an increase of 64.25% compared to the fourth quarter of 2005-2006 and an increase of 31.93% compared to the third quarter of 2006-07. YoY growth was 64.55% EBITA for the fourth quarter of 2006- 2007 at Rs 49.85 crores as compared to an Income of Rs 39.44 crores, in the third quarter of 2006- 2007. Net Profit after Tax for the fourth quarter of FY 2006-07 was Rs 33.03 crores as compared to Rs 27.47crores in the third quarter. QoQ growth was 20.20-%.

EPS for the fourth quarter of 2006 was Rs 11.40 compared to Rs 9.47 for the third quarter. QoQ growth was 20.43%

Source : Equity Bulls

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