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Cranes reports over Rs 13-cr profits

The Economic Times  
Friday, 29 July 2005   

Cranes Software, the scientific and engineering software solutions provider has reported a first quarter(q1)FY06, consolidated net profit after tax of Rs 12.96 crore, a 33.52% growth over Rs 9.71 crore made in the same period previous fiscal. Operating revenue in Q1 was Rs 47.15 crore a 30.92% jump over the previous Rs 36.02 crore. On a standalone basis, Cranes net profit in Q1 was Rs 12.86 crore, a 47.22% jump over Rs 8.74 crore, while revenues grew 41.82% to reach Rs 39.54 crore. Asif Khader, managing director, Cranes Software said, "Our business is now creating multi-dimensional opportunities, which have contributed to steady business and operational expansion across the world. In India too, we have recently initiated sales of our proprietary products to the corporate sector and research institutions. Overall, the pipeline is robust and we expect to deliver ongoing growth over the coming quarter." Key highlights of the quarter include the acquisition in India of Engineering Mechanics Research Corporation (EMRC), along with customers, brand names trademarks, ongoing contracts, personnel and fixed assets. EMRC develops computer aided engineering(CAE) software and provides consulting services and customised software in this domain. The consideration for this acquisition is part of a deal of $1.5 million including the US arm of the EMRC operation, currently waiting some statutory clearances in the US. As yet another product development initiative, the company is in the process of working on strategic alliance partnerships with several leading global companies. Cranes subsidiary, Systat Software Inc. has for instance forged strategic partnership with Cytel Software Corporation, the provider of statistical software and services for optimised clinical trial design and analysis.


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