Cambridge Technology Enterprises Limited posts 360 % growth in revenue

Written by Businesswire India | Hyderabad, July 31: | Updated: Jul 31 2008, 19:03pm hrs
Cambridge Technology Enterprises Limited (CTE), a global IT services provider and a leading provider of SOA based solutions and Enterprise Transformation applications to mid size enterprises and mid size business units of Global 2000 enterprises, on Thursday announced its un-audited First Quarter (Q1) results for the quarter ending June 30th 2008 for the financial year 2008-09.

Highlights

Consolidated Results for April to June (Q1-09) quarter ending June 30, 2008:

-- The consolidated revenues for the first quarter were Rs. 47.49 Crores (USD 11.06 Million). Compared to revenues of corresponding period last year of Rs 10.31 Crores (USD 2.40 Million), the growth translates to over 360% Year on Year on annualized basis.

-- Profit after Tax was Rs 5.38 Crores (USD 1.25 Million) for the Q1 quarter. Compared to Rs. 1.76 Crores (USD 0.41 Million) of profit after tax for the corresponding quarter in the previous year (Q1 FY 2008) growth translates to over 206% Year on Year on annualized basis.

-- Basic and Diluted Earnings per share for the period are Rs.3.40 and 2.63 respectively, on the basis of post-issue paid up capital of Rs.1582.44 lakhs.

-- Key Investments in the quarter for FY 2009 growth plan includes:

-- Enhanced business development and marketing expenses to increase reach to combined customer base and to enable cross-selling of combined services portfolio

-- Investments in people and processes to enhance resource base to meet new business demands

-- Investments to identify, evaluate and finalize potential target companies for acquisitions in FY 2009.

Others

-- CellExchange acquisition has played a major role in revenue growth, contributing 48% to companys revenues this quarter

-- Six new customers joined the group during the quarter

-- Newly acquired India business continues to grow impressively, contributing 6.52 % to companys revenues this quarter

Awards and Accolades

-- CTE was among the Top 3 companies at the Emerging India Awards 2008 in the ICE /IT & ITeS category, jointly organised by CNBC TV18 and ICICI Bank.

-- CTE was ranked 3rd fastest growing companies in India and ranked 182nd among the Indian IT companies by Data Quest Magazine.

Mr. Bhaskar Panigrahi, CEO and Chairman, Cambridge Technology Enterprises Limited (CTE) said, The initial synergy of the combined company is evolving now. We are pleased with a decent growth rate across the group which is testimony to our robust integration & organic expansion plans we have put in place for FY 2009. We have substantially invested in building an excellent pipe for potential M&A candidates which should help us build on the solid foundation that we laid in FY 2008.

Mr. Krishna Nangegadda, President and Whole Time Director, Cambridge Technology Enterprises Limited (CTE) said, We witnessed a consolidation of efforts to further enhance our efficiency and to optimize core delivery operations. We reorganized the corporate structure and sales/business development to realize our aggressive growth plans. This restructure will streamline the integration process and not only help our organic growth but also help reap the benefits of future acquisitions faster.

Mr. Ramesh Reddy, CFO, Cambridge Technology Enterprises Limited (CTE) said, This quarter our focus has been to consolidate the exponential inorganic growth of FY 2008 and we have invested in a three pronged strategy to help realize the synergies of the past four acquisitions We increased investment in business development to increase customer reach to cross sell, enhanced investment in offshore to build resource base for expanding and for new business, invested in people and processes to expand the CMM-RAD capabilities across all-shore teams. These investments would help us achieve our FY 2009 targets for organic growth and enhance our profitability over the year.

About Cambridge Technology Enterprises Limited (CTE)

Cambridge Technology Enterprises (CTE) is a global services provider dedicated to serving the midsize market of enterprises and the midsize units of Global 2000 enterprises across the spectrum of business industries. Recognized as a thought leader and innovator of comprehensive Service Oriented Architecture (SOA)-based enterprise transformation and integration solutions and services, CTE provides solutions for all business challenges. CTE offers the same level of expertise to IT as it does to product development, business process outsourcing, and innovation consulting. CTE leverages its dedicated pool of talented professionals and its deep partner network and acts as a general contractor to help midsize enterprises meet todays increased challenges and makes them future ready. CTE is a one-stop-shop for all global service needs. With offices throughout the US and the world, Cambridge Technology Enterprises focuses on local collaboration and global execution.