Hyderabad Apr 13: Infotech Enterprises Ltd (IEL) has reported an increase of 122 per cent in the turnover for the year 1998-99, a total income of Rs 22.34 crore over previous year's turnover of Rs 9.67 crore. The board, which met here on Monday after taking the financial results on record, has recommended a dividend of 18 per cent. According to the results announced, IEL has registered a growth of 156 per cent in net profit to Rs 6.48 crore over last year profit of Rs 2.53 crore. The gross profit after interest but before depreciation and taxation increased to Rs 8.36 crore from Rs 3.16 crore in the last year.The managing director BVR Mohan Reddy, said, "The strong growth in sales, sustained profitability and healthy order booking makes the company look confidently into the future. We continue to move up the value chain by offering end-to-end solutions to the GIS market." During the year, IEL had consolidated its strength in Enterprise GIS solutions, Enterprise CAD solutions, Enterprise Business solutionsand Enterprise Internet solutions.
IEL has order booking to the tune of Rs 33 crore which is expected to be completed by the end of the current year. IEL had alloted 80,900 shares to "Infotech ESOP Trust" at Rs 10 per share with a premium of Rs 100 per share, to implement the employee stock option scheme. This will help the company to retain talented employees in the company. Though the company, at the time of public issue, had planed to build only 50,000 sq. ft for Software Development Centre at Infocity, keeping in view the expansion programme about 100,000 sq. ft. area is expected to be ready shortly.
Copyright © 1999 Indian Express Newspapers (Bombay) Ltd.
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