Mumbai, Feb 27: Mr Ganesh Natarajan, managing director of training andsoftware major Aptech Limited has tendered his resignation at a meeting ofthe Board of Directors of the company in Mumbai on Tuesday. This wascommunicated through a press release issued by the company. "It has come assurprise to us as well and we are not aware of the reasons for thisresignation" said a company spokesperson.Mr Natarajan will continue to be associated with the operations of BConnectBWorldwide Ltd, a subsidiary of Aptech Limited as a director. The Board hasappointed Mr Pramod Khera, executive director as acting chief executive ofthe company. Mr Abhay Sinha, executive vice president will be the actingHead of the software business.
Aptech Limited has also announced its annual results for the year ended 31stDecember 2000. The company's net profit stands at Rs 81.53 crore,registering a growth of 60 per cent from the previous year. Global revenuesstand at Rs 577.76 crore, thereby exhibiting a growth of 47 per cent overthe previous year.Global software revenues have grown by 125 per cent in the year 2000.
Software accounts for 29 per cent of Aptech's global revenues. Aptech'sEBITDA margins have improved to 27.20 per cent in 2000 from 21.80 per centin 1999.
Aptech's other brands such as Arena Multimedia and Asset International havealso reported over 20 per cent and 54 per cent increase in their revenuesrespectively. "Year 2000 saw Aptech consolidate the software business andmake strategic moves to emerge as a solutions provider, working on cuttingedge technologies" said Mr Atul Nishar, chairman, Aptech Limited.
With respect to the restructuring plan, the board has decided to form acommittee, to assess the implications of pursuing various options available.
The options available are the merger of Hexaware Technologies into AptechLimited and operation of the two businesses of software and training asStrategic Business Units or the merger of Hexaware into Aptech in a mannerwhereby, two independant listed companies are created, among others.
The board will appoint and consult investment bankers on the various issuesthat arise in the restructuring process.
Copyright © 2001 Indian Express Newspapers (Bombay) Ltd.
