Infotech Enterprises Ltd to acquire DataView (UK) & Cartographic Sciences (USA)
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Bloomberg News
July 12, 1999, 1:34 a.m. PT
India's Infotech 1st-Qtr Profit Surges 150% on Higher Demand
Mumbai, July 12 (Bloomberg) -- Infotech Enterprises Ltd.,
which makes software for computer-aided designers, said its first-
quarter profit rose 150 percent on higher demand for its Internet
software businesses.
The company, which decided to acquire UK-based Dataview
Solutions Ltd., said profit rose to 23 million rupees ($0.53
million) from 9.2 million rupees a year ago. Sales for the first
quarter rose 173 percent to 83.6 million rupees from 30.6 million
rupees. The results are better than expected, three analysts
said.
''We have done well in our traditional CAD and digital
mapping business; besides that other (profit) drivers were
technical software, business software, Internet and engineering
software consultation,'' said BVR Mohan Reddy, chairman and
managing director.
Reddy said the company will complete the acquisition of
Dataview, which specializes in digital-mapping solutions, by July
31. It will also acquire Cartographics Sciences Pvt., a U.S.-
based geographical mapping company, by September 15, he said.
The acquisitions will help the company boost sales by 320
million rupees in the full year to March 31. Reddy expects full-
year sales to rise more than three-fold to 720 million rupees
from 218 million rupees in the previous year ended March 31. |
