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 Monday announced its un-audited Second Quarter (Q2) results for the quarter ending September 30th 2008 for the financial year 2008-09.

Highlights

Consolidated Results for July to September (Q2-FY 2009) quarter ending September 30, 2008:

— The consolidated revenues for the second quarter were Rs. 51.58 Crores (USD 10.99 Million).Compared to revenues of corresponding period last year of Rs 13.29 Crores (USD 2.83 Million), the growth translates to over 288% Year-on-Year on annualized basis.

— Profit after Tax was Rs 6.35 Crores (USD 1.35 Million) for the Q2 FY 2008-2009 quarter compared to Rs. 2.12 Crores (USD 0.45 Million) of profit after tax for the corresponding quarter in the previous year (Q2 FY 2007-2008) growth translates to approximately 200% Year-on-Year on annualized basis.

— Basic and Diluted Earnings per share for the period are Rs.4.01 and Rs.3.11 respectively.

Others

— During this quarter, CTE signed definitive agreement to acquire Prot?g? Software Services, Inc. a Woburn, Massachusetts based company. This strategic acquisition would reinforce CTE?s Oracle ERP and Oracle Fusion middleware capabilities, augment CTE?s positioning of being a ?one-stop-shop? for all IT service needs to mid-market enterprises, strengthen CTE?s presence in the New England region in the US and provide cross-selling opportunities with more than 50 customers of Prot?g?.

— During the quarter, CTE was rated at ?SME1?, the highest ranking for SME?s by CRISIL.

Mr. Bhaskar Panigrahi, CEO and Chairman, Cambridge Technology Enterprises Limited (CTE) said, ?During next six months, our major focus will be to retain and grow our business in our key accounts. With the global economy in turmoil, we expect to see delays in kicking off new projects. However, our researches indicate that to enhance productivity and cut down cost, our customers are planning on increasing out-sourcing. We are proactively leveraging our Global Delivery Model and expect that we take advantage of our Global delivery centers.?

Mr. Ramesh Reddy, CFO, Cambridge Technology Enterprises Limited (CTE) said, ?This quarter our focus had been to carefully monitor the business environment conditions and the potential impact of the global markets on our business and work on mitigating the risks. We are now carefully reviewing all the growth plans ?both organic and inorganic to add additional layers of due-diligence to evaluate the potential risks to our current and future business and proceeding cautiously on the growth plan implementation.?