Glodyne Technoserve raises FY12 revenue guidances

Glodyne Technoserve raises FY12 revenue guidances

Mumbai: Glodyne Technoserve, an infrastructure management firm, has raised revenue guidance for FY12 by nearly 2%, a top official said, after it posted a 64% rise in net profit for April-June that helped pare some losses in share prices.

For FY12, consolidated revenue is expected to be in the range of Rs2,212-2,234 crore, as against the earlier guidance of Rs2,173-2,193 crore, said the Mumbai-based firm.

The revision is based on the company’s expectations of more orders and revenues from education sector and government initiatives like financial inclusion and e-governance, said its chairman and managing director Annand Sarnaaik.

“Within the Indian geography there are certain sectors that are growing exponentially. So that’s where we will see a lot of allocation for e-governance budgets, social department budgets and education budgets," he said.

The company’s shares, which were trading 3.81% lower, parred losses to 2.99% after the revenue guidance revision.

The shares, which the market values at $288.13 million, closed down 3% at Rs282.45 in a weak Mumbai stock market.

Infrastructure management refers to the management of operation components such as processes, equipment, data and human resources that are essential to an organization.

Glodyne’s US unit recently signed a five-year agreement to provide technology infrastructure management services to a retail customer. The size of the deal is estimated to be $42 million, the statement said.

Earlier in the day, the company had posted a 64% rise in consolidated net profit at Rs560.38 million for the June quarter.

About 41% of its revenues came in from Northern America and the remaining 59% was from India during this year, he said.

“The additional growth verticals for us has been the BFSI (banking, financial services and insurance) and the e-governance and the education managed services space," Sarnaaik said.

The company is also expecting to complete the earlier announced acquisition of Comat Technologies this quarter, after getting requisite approvals.

In June, the company said it had agreed to acquire Comat Technologies, an Indian e-governance service provider, to beef up its presence in the government’s Unique Identification programme.