VisualSoft net up 26 percent in Q3

Our Corporate Bureau
29 January 2004

Hyderabad: VisualSoft Technologies Ltd, a high-end technology solutions provider has declared a rise in net profit of 25.98 per cent at Rs 10.53 crore for the third quarter ended December 31, 2003,against Rs 8.36 crore in the corresponding period last year.

In its unaudited financial results released for the third quarter and nine-months ended December 31, 2003, the company has stated that the total income moved up by 24.94 per cent to touch Rs 40.44 crore (Rs 32.36 crore).

The company registered a sequential growth of 10.73 per cent in the third quarter net profit over Rs 9.51 crore net during the previous quarter ended September 30, 2003 and a 7.51 per cent growth in the total income over the second quarter's income at Rs 37.61 crore.

For the nine months ended December 31, 2003, the company earned a net profit of Rs 29.07 crore on a total income of Rs 113.53 crore.

The total segment-wise revenues for the third quarter stood at Rs 39.6 crore, of which 97 per cent accrued from the solutions segment at Rs 38.43 crore. The growth in the solutions revenue over the corresponding quarter of the last fiscal was 26.43 per cent, while there was a sequential growth of 7.31 per cent over the quarter ended September 2003, according to a press release from the company.

The company said it was confident of meeting the growth guidance for the financial year and expressed satisfaction that a positive sequential growth in the solutions business had been achieved over the last eleven quarters. It noted a good traction in the business volume and addition of new clients during the current financial year.