Cranes Software's Q1 FY09 consolidated revenues up 37% to Rs. 1,154 million & PAT higher by 29% to Rs. 318 million
Note to the announcement:This press release discusses the financial performance of Cranes Software International Limited on a consolidated basis. This includes the performance of its subsidiaries Systat Software Asia Pacific Ltd., Systat Software Inc., USA, Systat Software GmbH., Germany, Cranes Software Inc., USA, Cranes Software UK Ltd., Cranes Software International Pte. Ltd., Analytix Systems Pvt. Ltd., Tilak Autotech Pvt. Ltd., Dunn Solutions Group Inc., Caravel Info Systems Pvt. Ltd., Proland Software Pvt. Ltd., Engineering Technology Associates Inc., USA (ETA Inc., USA), Engineering Technology Associates (Shanghai) Inc., China (Subsidiary of ETA Inc., USA) and Esqube Communication Solutions Pvt. Ltd.
Bangalore, July 31st 2008: Cranes Software International Ltd. (Cranes), a Company that provides Enterprise Statistical Analytics and Engineering Simulation Software Products and Solutions across the globe, today announced its financial results for the quarter ended June 30, 2008.
Cranes Software Group first quarter performance review:
Corresponding quarter comparison:
Q1 FY09 (April - June 2008) v/s Q1 FY08 (April - June 2007)
- Total revenues higher by 37% to Rs. 1,154.3 million compared to Rs. 840.7 million
- Overseas revenues were up 52% to Rs. 1,024.5 million and constitute 89% of total revenues
- Domestic revenues were at Rs. 128.3 million for the period under review
- Operating profit improved by 29% to Rs. 573.8 million from Rs. 444.7 million
- Net profit after tax up 29% to Rs. 318.2 million from Rs. 246.0 million. Accordingly, diluted EPS increased 33% from Rs. 1.84 to Rs. 2.44 for the quarter under review
Sequential quarter comparison:
Q1 FY09 (April - June 2008) v/s Q4 FY08 (January - March 2008)
- Total revenues remained almost at the same level compared to the previous quarter. The revenues were Rs. 1,154.3 million
- Overseas revenues expanded by 12% q-o-q from Rs. 914.6 million to Rs. 1,024.5 million
- Operating profit increased by 13% from Rs. 508.3 million to Rs. 573.8 million.. Operating margins also increased to 50% in the current quarter compared to margin of 43% in Q4 FY08
- Net profit after tax was almost stable at Rs. 318.2 million translating into diluted EPS of Rs. 2.44 for the quarter under review
Business-wise Revenue Analysis:
| (Rs. Million) |
Q1 FY2009 |
Q4 FY2008 |
Q1 FY2008 |
| Proprietary Products |
1,034 |
943 |
692 |
| Product Alliances |
101 |
217 |
139 |
| Training |
19 |
17 |
10 |
|
Proprietary products grew by 10% and 49% on a sequential and corresponding basis respectively. We expect this segment to grow at a healthy pace and constitute majority of total revenues.
Commenting on the financial results, Asif Khader, Managing Director, Cranes Software International Limited, said:
The Company started the quarter on a positive note with revenues up by 37% to Rs. 1,154 million. We had earlier streamlined our businesses into revenue centric groups of Engineering, Analytics, and Technology. This operational strategy has already started paying dividends by enabling Cranes to build in-roads into specific target markets of automotive, aerospace, pharmaceutical, environmental & social science, telecom, and banking & financial services. Your Company is keen to make acquisitions not to drive growth but to be present in the whole spectrum of the analytics value chain. This presence will greatly enhance the Company's prospects of breaking into the elite top four or five software providers in the world that specialize in engineering simulations and enterprise data analytics. Going forward, we can expect to witness strong business demand and superior operational efficiency to effectively cater to this growing demand.
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