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Stock Report
Cambridge Solutions Ltd announces results for the Second Quarter, 2007
Posted On : 2006-10-27 07:01:28( TIMEZONE : IST )
Revenues at Rs 3,617 Million up by 20% compared to corresponding quarter of the previous year
Profit after Tax at Rs 172 Million up by 122% compared to corresponding quarter of the previous year and 14 % versus the previous quarter.
Greenwich, CT USA - October 26, 2006: Cambridge Solutions Ltd. ("Cambridge"), formerly known as Scandent Solutions Corporation Ltd today announced its results of operations for the second quarter ended September 30, 2006.
Total revenues for the second quarter were Rs 3,617 Million (Rs 7,251 Million for the year to date). Total EBITDA for the second quarter was Rs 434 Million (Rs 895 Million for the year to date).
Total Profit after Tax for the second quarter was Rs 172 Million (Rs 322 Million for the year to date).
On a pro forma basis, the current quarter’s revenues grew 20% over the same quarter of the previous year, while Profit after Tax grew 122% versus a year ago.
In the Second quarter, the Company’s BPO operations contributed 67% of the revenues (70% for the year to date) and its IT operations contributed 33% of total revenues (30% for the year to date). Top ten clients contributed 37% of the firm’s revenues. The number of clients who were at an annualized run rate of greater than Rs 46 Million (US$ 1 Million) per year was 50.
During the last quarter, Cambridge offshore BPO continued to gain significant traction. Some of the major wins included a 10-Year Rs 4,600 Million ($100 Million) contract from Xchanging/ Aon and an Rs 230 Million ($5 Million) contract from a Large US Insurance brokerage firm.
Cambridge also completed and moved into a brand new facility with a capacity of 600 seats for its Chennai operations. Plans are on track for completion of a 3,500 seat facility in Bangalore by the end of the year to augment the offshore BPO and IT growth.
Chris Sinclair, Chairman and CEO of Cambridge Solutions said, "We have made good progress in refining our offerings and go-to-market strategy, which is evident from our top line growth. As we have now successfully created a good platform for growth, our focus over the next 6 months will be to improve our operating margins by optimizing our cost structure. Our goal is to generate significant annualized cost savings from cost optimization initiatives which will enhance our operating performance in the next fiscal year."
