SSI chairman Kalpathi S Suresh said through a press release, ``The growth has been predominantly on account of the focussed operations of the company in the core area of high-end training and through the strategic identification and foray into new revenue channels.''

SSI structured its growth during the year through a phased expansion of owned and franchisee network centres. The number of centres has grown from 45 to 145 during the year, registering a 200 per cent expansion in training facilities. Suresh said, ``We are looking at expanding our branded education product line geographically and setting up an overseas network for providing high-end education for the current year.''

The annualised earnings per share during the period increasedfrom Rs 21.26 to Rs 27.83. Paid-up equity capital increased to Rs 11.87 crore from Rs 5.19 crore consequent to the issue of 7.5 lakh shares at a price of Rs 750 each on a preferential basis. Pursuant to the preferential offer, SSI issued a 1:1 bonus and reserves stood at Rs 94.52 crore as on June 30, 1999 after capitalising for the bonus issue.

The company's newly formed division, SSI Technologies, has been dedicated to global software development and consulting, offering solutions in key areas of telecom, healthcare, banking, insurance and securities trading.

With the acquisition of Indigo Technologies, SSI Technologies is set to become the sole agent for SWIFT in India. Its customer base includes ING Barings Bank, Bank of Nova Scotia, BNP, State Bank of India, Stock Holding Corporation and the Reserve Bank of India. The acquisition will also confer on SSI Technologies the intellectual property rights for TESA (Tandem Electronic Securities Architecture) -- a stock exchange automationproduct.

Intersoft, the company's product support division has emerged as one of the largest partners for Microsoft and Oracle products in India. It has served clients like Lucent Technologies, ABB, IBM Global, Hindustan Motors, Ashok Leyland, LIC and Wipro GE. Clientsoft Inc, SSI's wholly-owned subsidiary in the US, has been signed up as a direct vendor for the likes of Microsoft, Oracle, Wells Fargo Bank and BMC Software.

INSIGHT
Scrip may witness rally

SSI has identified the high-end of the market and has established itself as a quality IT-education and training company. Recognising that commercial education companies cannot award degrees by themselves, it has tied up with Bharathiar University to offer an M Sc programme in software applications. It has been able to place its students in some of the most admired companies in India. SSI has all the ingredients that make a successful education and training company. The markets are bound to take note of its impressive financialperformance for the year ended June 1999. The stock should witness another rally.

Sarad Saraf