Sonata Software net at Rs 21.63 cr

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IT consulting and software services company Sonata Software announced consolidated net profit of Rs 21.63 crore for the quarter ended September 30, a 81.30% growth over the corresponding period a year ago. The company had a net profit of Rs 11.93 crore in the second quarter of FY'08, Sonata Software said in a filing to Bombay Stock Exchange.

The total income of the company rose to Rs 421.47 crore for the quarter under review, from Rs 333.80 crore in the same quarter previous fiscal. The board of the company has declared an interim dividend of Rs 0.50 per share and the record date is October 20.

"Our focus on travel vertical and outsourced product development provides better visibility of revenues in this uncertain environment" Sonata Software president and managing director B Ramaswamy said.

IFCI profit dips 48%

Country’s oldest financial institution IFCI reported a net profit of Rs 259 crore for the second quarter ended September 30, a decline of 48% over the corresponding period a year ago. The company had a net profit of Rs 497.29 crore in the second quarter of FY'08, IFCI said in a filing on the Bombay Stock Exchange. At the same time, total income of the company also dipped by 26% to Rs 441.7 crore in the quarter under review from Rs 595 crore in the same quarter a year ago. However, other incomes have improved substantially to Rs 58.65 crore compared to Rs 4 crore earned during the second quarter last year. The company also informed that the shareholders at the AGM last month approved reduction of share capital for aligning stake of LIC to 8.39%.

LIC had, earlier, approached the IFCI management to lower its holding from 11.39% to 8.39%, the level it held prior to conversion of its debt into equity last year.

In addition, recovery from non- performing assets would add about Rs 600 crore to the bottomline of which write back may be little less than that, he had said.

Jubilant profit up 36%

Jubilant Organosys, on a consolidated basis, reported a rise in net profit quarter ended September 2008. During the quarter the profit of the company increased by 35.6% to Rs 111 crore from Rs 82 crore in same quarter last year.