ICSA reports steep fall of 73% in income

Hyderabad: ICSA (India) Ltd, a city-based customised IT solution provider, has reported a steep 73-per cent fall in income for the first quarter of 2002-03.

The company has reported a gross income of Rs 51.35 lakh in the first quarter, compared to Rs 196.1 lakh in the corresponding period last year. ICSA has reported a fall of 72-per cent in its net profit, with a net profit of Rs 7.28 lakh in Q1 2002-2003, compared to Rs 26.19 lakh in the same period last year.

The drought of project and the sluggish market conditions have hit the company's realisations in the first quarter. The same period last year saw the realisation of the efforts in the market and gave an impetus to ICSA's operations.

The company suffered a significant reduction in the projects and sales of software products in the last two quarters of fiscal 2001-02, thereby affecting the realisations in the Q1 2002-03.