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Stock Report
Aztech Software Q1-07 revenues grow year-on-year by 41% and Profits by 26%
Posted On : 2006-07-13 02:25:27( TIMEZONE : IST )
Aztec Software & Technology Services Ltd (Aztecsoft) announced its financial results for the quarter ended June 30, 2006. The results were taken on record by the Board of Directors of the Company at its meeting held on July 12, 2006. For the quarter ended June 30, 2006, Aztecsoft has posted revenue of Rs. 59.48 crores and net profit of Rs. 9.27 crores on consolidated basis. The company has added record 16 clients in the quarter.
Financial Performance of Aztecsoft and its Subsidiaries
Corresponding quarter review (QI-07 Vs QI-06)
- Consolidated revenues for QI-07 of Rs. 59.48 crores grew by 41% over the corresponding quarter of the previous year QI-06 at Rs. 42.28 crores.
- The net income (PAT) of Rs. 9.27 crores grew by 26% over the corresponding quarter of the previous year QI-06 -Rs. 7.38 crores.
- The consolidated revenues of Rs. 59.48 crores have grown sequentially by 8% in comparison to Rs 54.96 crores.
- Profit after tax was Rs. 9.27 crores as compared to Rs. 10.53 crores.
Key Highlights
Client base growth - During this quarter Aztecsoft added 16 new clients with a good mix of large and small clients. The total active client count increased to 80. The client additions include business leaders in Data Management, Middleware, media streaming, large ecommerce portal, and Wireless. This quarter saw significant customer acquisitions in Wireless domain which is the latest addition to our Technology portfolio.
Human capital growth - During the current quarter, Aztecsoft’s human capital stands at 2,118 compared to 2,005 at the end of QIV-06. The company´s multiple-award winning HR practices and great work environment has made it relatively easy to hire and retain talent. Attrition continues to be under control, in line with industry norms. The Company effected increase of 18% in its compensation package from April 1, 2006. With this, the Company continues to maintain its competitive edge in attracting the right talent
ISO 27001Certification - Aztecsoft is now the world’s first product engineering specialist company to be certified on ISO 27001 for its security processes, practices and policies. Aztecsoft is now amongst the top 20 companies in the country to have been certified for the highest information security compliance. In the previous quarter, Aztecsoft had another first in the SEI-CMMi quality assessment at Level-5, another first for a product engineering focused company.
Offshore focus continues - Aztecsoft´s offshore focus continues to pay off and revenues for the quarter from offshore are at 85%.
Management CommentsAnnouncing the financial results, Mr.K.B.Chandrasekhar, chairman of Aztecsoft said, "We continue to make strategic investments in sales and marketing - We are in the path of a strong growth and continue to make strategic choices of creating multiple drivers for accelerating growth. We will also expand into newer technologies, business segments to drive our future business."
Mr. V Chandrasekaran, MD & CEO of Aztecsoft said, "We saw a robust growth in business acquisition with 16 new customers. Our delivery excellence has been reinforced with CMMI Level 5 assessment and ISO27001 for our security process. We are key product engineering partners for our clients and we will continue to provide differentiated technology / service offerings to them."
