Megasoft eyes Rs 440-cr revenues
Our Bureau
Hyderabad, April 22 Megasoft Ltd. has recorded revenues of Rs 90.3 crore and profit of Rs 15 crore for the first quarter ended March 31, 2007 as against total revenues of Rs 65 crore and profit of Rs 12.1 crore same period last year.
The Hyderabad based software products company which announced its results here today, hinted that it was in pursuit of couple of acquisitions, one in the US and another in Latin America.
The company has completed the merger of its acquisitions, Visualsoft and BCGI and the severance of about 160 employees would help add to the company’s profitability this year.
The entire BCGI deal of about Rs 5.5 crore was funded internally, according to Mr G.V. Kumar, Chief Executive Officer.
Mr. Kumar, told Business Line that the company is expecting to close this fiscal with overall revenues in the range of Rs 440 crore, with profit at about Rs 80-85 crore.
The company continues to view its telecom business as the main stay. The telecom business contributes about 61 per cent of revenues and software services 39 per cent.
The scrip closed at Rs 94.85 on National Stock Exchange, down 1.2 per cent from Monday