During Q3, Accelya Kale Solutions reported higher net profit on one time gains from contract termination fees and forex
Accelya Kale Solutions Ltd (Accelya), an information technology consulting and software company, reported a higher third quarter net profit mainly due to its one-time contract termination fees from customer and foreign exchange (forex) gains.
For the quarter to end-March, the IT solution provider, said its net profit increased 27% to R30.86 crore from Rs24.31 crore while its total revenues, including sales, grew 15% to Rs90.31 crore from Rs78.76 crore a year ago period.
Accelya said during the March quarter, it earned one-time contract termination fee of Rs15.73 crore from its one customer, it also earned Rs4.40 crore in forex.
“After neutralizing the impact of one-time revenues, our performance for the quarter has been steady and in line with our expectations,” said Vipul Jain, managing director and chief executive officer, Accelya Kale Solutions.
“The company is in the process of transitioning out of its significant customer since the contractual arrangement with the customer is expected to end in financial year 2013-2014,” said company in its regulatory filing.
Accelya said, during the third quarter, its expenses fell 1.47% to Rs44.35 crore from Rs45.01 a year ago period. However it paid 48.51% more taxes at Rs15.95 crore from Rs10.74 crore a year ago period.
Accelya Kale Solutions closed Friday marginally up at Rs660 on the BSE, while the S&P BSE Sensex ended the day about 3% higher 22,994.
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