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Pentasoft Q4 net down; plans bonus

Our Bureau

CHENNAI, May 15

PENTASOFT Technologies has declared a net profit of Rs 16.81 crore on sales of Rs 120.86 crore in its consolidated operations for the fourth quarter ended March 2002. This reflects a slump of 44.67 per cent from net profit of Rs 30.02 crore on sales of Rs 154.71 crore for the same period in the previous year.

The latest quarter profit includes a deferred tax income of Rs 6.61 crore. For the latest quarter, revenues from the parent contributed Rs 84.49 crore while the rest came from subsidiaries.

The board has proposed an issue of bonus shares at the ratio of two equity shares for every 10 shares held, in addition to a 50 paise dividend per share. The company's board has also approved the increase of authorised share capital from Rs 50 crore to Rs 100 crore and has proposed a further issue of shares in the ensuing AGM.

For the quarter, employee cost has slumped to Rs 5.27 crore (Rs 14.33 crore). Depreciation and amortisation expenses almost doubled to Rs 46.86 crore (Rs 24.21 crore).

For the year ended March 2002, the company recorded a net profit of Rs 101.98 crore (Rs 126.65 crore) on sales of Rs 553.41 crore (Rs 583.49 crore). Employee costs for the year stood at Rs 42.47 crore (Rs 47.58 crore).

During the latest quarter, its enterprise division contributed 66.8 per cent of revenues, while engineering services chipped in with 19.4 per cent while the education and training division raked in the rest.

The statement says that new customers signed up during the quarter in the US include Vensoft, Universal Studios, State of Nebraska, Michigan Department of Education, MindBank, JBA Consulting, Unlimited Innovation, Thomas Kelly and SVI Retail.

Further, the release adds, a software order has been finalised for Hong Leong Assurance Berhad, Malaysia for which the company will supply its PentaLife software licence and implement the solution for all branch offices of Hong Leong Insurance. The enterprise division during this quarter added 17 new clients, the statement added.

Mr D. Kannan, CEO of the company, is quoted in the release as saying, "With the on-going structural alignment, the business manpower has been tuned to suit the requirement of the business. As on date the permanent employee strength stands at 1,022 excluding the other categories such as contractual manpower, Just-in-Time manpower and case-to-case manpower."

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