Infotech Enterprises ' fourth quarter net profit rose near 90% from a year ago to Rs 69.83 crore as a sharp increase in sales and other income offset higher tax expense.
The IT company's net sales in the January-March quarter were up 28% year-on-year to Rs 417.2 crore.
The earnings announcement sent the stock soaring to a 52-week high of Rs 181.80 on NSE.
It finally closed up 1.1% at Rs 167.15.
Infotech's operating margins in the fourth quarter were at 19.8%, compared with 20.6% in the third quarter and 14.3% in the year ago quarter.
On a sequential basis, the company's net profit more than doubled due to mark-to-market losses on forward contracts in October-December. Its net sales quarter-on-quarter were up 0.2%.
"In spite of the macro-economic uncertainty around the globe, we had a very good year, in-line with our expectations. We posted robust growth and higher profits because of customer centricity and long-term growth strategy," said BVR Mohan Reddy, Chairman and MD.
In the Jan-March quarter, Infotech Enterprises had other income of Rs 35.63 crore, versus Rs 5.1 crore a year ago.
It also had higher tax expense of Rs 38.4 crore, compared with a tax expense of Rs 4 crore in the year ago quarter.
Meanwhile, towards developing the next generation leadership, the company has promoted Krishna Bodanapu as president and COO, Reddy said.
The company has also been re-organised into four business units -- Aerospace; Heavy Equipment, Transportation & Hitech; Utilities, Telecom and Content.
Infotech Enterprises added 16 customers in the fourth quarter. It incurred a capex of Rs 14.3 crore over the three-month period and has cash balances of Rs 479 crore, it said.
Source: www.moneycontrol.com
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