Financial Daily from THE HINDU group of publications
Tuesday, Jul 26, 2005
Info-Tech - People
Raju is now Chief Mentor of VisualSoft
Mr D.V.S. Raju, CMD, VisualSoft Tech
Hyderabad , July 25
THE Chairman and Managing Director of VisualSoft Technologies Ltd, Mr D.V.S. Raju, is stepping down as Managing Director of the company to pave the way for Mr Sudhakar R. Gunturu.
However, Mr Raju, who started the company in December 1995, will continue as the non-executive Chairman and Chief Mentor.
Mr V. Krishnan, Vice-President, Finance, has been entrusted the task of Chief Financial Officer. Recently, Mr Krishnam Raju, its Founder Finance Director, stepped down.
Speaking to Business Line, Mr Raju said: "I decided to pave the way for younger generation to steer the company and plan to further strengthen the management team bringing in professional team from the US operations. As a part of this move, I would not draw any salary but continue to be actively associated as a founder member guiding the company management."
Further, Mr Raju hinted that he would train his attention on the infrastructure sector, into which he has forayed in his individual capacity a couple of years ago.
He is part of a consortium entrusted with the task of developing Gangavaram port. Others engaged in the project include Dubai Ports.
Meanwhile, VisualSoft recorded a total income of Rs 52.05 crore and a net profit of Rs 5.98 crore during the quarter ended June 30, 2005 as opposed to a total income of Rs 46.21 crore and a net profit of Rs 7.90 crore for the corresponding quarter last year.
For the fiscal 2005, the company recorded total income of Rs 192.87 crore and net profit of Rs 28.33 crore.
In a statement, the company said its software business reflected a growth of 16.95 per cent over the corresponding period last year and 1.95 per cent sequentially.
During the year, the company plans to consolidate its business process outsourcing operations.
VisualSoft shares, which opened at Rs 132 (previous close Rs. 130.75), closed at Rs 126.45 on the National Stock Exchange - down 3.29 per cent.
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