BackAztecsoft Q1 net loss at Rs9.29 cr
Aztecsoft Q1 net loss at Rs9.29 cr
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PTI
Mumbai: Software engineering services provider Aztecsoft reported consolidated net loss of Rs9.29 crore for the quarter ended June 2008, on account of rupee depreciation and global uncertainties.
“The company had posted net profit after tax at Rs5.7 crore for the quarter ended June 2007," Aztecsoft said in a filing to the Bombay Stock Exchange.
“The sudden depreciation of the rupee resulted in a non-cash charge of Rs22.24 crore being provisioned on outstanding derivative instruments. Consequently, the company has reported a net loss of Rs9.29 crore for the quarter and expects this provision to reverse during subsequent quarters," the company said.
It registered a consolidated revenue of Rs76.77 crore for the quarter ended June 2008, a growth of 12% over the corresponding period a year ago.
“We are pleased that even in the current uncertain global economic conditions, we have had another satisfying quarter with about 12% sequential growth in rupee terms." Aztecsoft Chairman K B Chandrashekhar said.
During the quarter, Mindtree Ltd announced its intention to acquire Aztecsoft Ltd. MindTree expects to complete the open offer process by the end of July and the company would thereafter become a subsidiary of MindTree.
Aztecsoft added six new clients taking the total active client count to 75 and on the human capital front the company had a total headcount of 2,050 as of June 30, 2008.
Shares of the company were trading at Rs66, down 4.21% on the BSE.
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