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.
The company said that it was focussing on long-term strategic accounts and has over 15 such strategic clients in varied industry verticals. The company said it hoped to enhance its portfolio of such accounts and in-depth penetration into the existing accounts would pave the way for a sizeable growth in the coming years.
VisualSoft is also in the process of setting up a 30,000 sqft BPO centre catering to 500 seats at Ameerpet area in Hyderabad. The capital investment has commenced for this venture.
iSupport will offer services in the areas of transactions processing, email support, tech support, help desk, in-bound market research etc. The commercial projects are slated commencement in March 2004, the company added.
The company is also establishing a dedicated BPO center in Visakapatnam with a capacity of 2,000 seats.
Visual Soft expects to incur a capital expenditure of Rs 40 crore on the entire BPO operations.