MUMBAI: Software engineering services provider Aztecsoft on Thursday announced consolidated net loss of Rs 9.29 crore for the quarter ended June 30, on account of rupee depreciation and global uncertainties.
The company had posted net profit after tax at Rs 5.7 crore for the quarter ended June 30, 2007, Aztecsoft said in a filing to the Bombay Stock Exchange. "The sudden depreciation of the rupee resulted in a non-cash charge of Rs 22.24 crore being provisioned on outstanding derivative instruments.
Consequently, the company has reported a net loss of Rs 9.29 crore for the quarter and expects this provision to reverse during subsequent quarters," the company said. It registered a consolidated revenue of Rs 76.77 crore for the quarter ended June 30, a growth of 12 per cent 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 per cent 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 2050 as of June 30, 2008. Shares of the company were trading at Rs 66, down 4.21 per cent on the BSE.
The company had posted net profit after tax at Rs 5.7 crore for the quarter ended June 30, 2007, Aztecsoft said in a filing to the Bombay Stock Exchange. "The sudden depreciation of the rupee resulted in a non-cash charge of Rs 22.24 crore being provisioned on outstanding derivative instruments.
Consequently, the company has reported a net loss of Rs 9.29 crore for the quarter and expects this provision to reverse during subsequent quarters," the company said. It registered a consolidated revenue of Rs 76.77 crore for the quarter ended June 30, a growth of 12 per cent 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 per cent 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 2050 as of June 30, 2008. Shares of the company were trading at Rs 66, down 4.21 per cent on the BSE.
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