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Infotech Enterprise : Infotech Enterprises' consolidated net profit was up 58.7% at Rs 14.4 crore as compared to Rs 34.9 crore quarter-on-quarter. Consolidated net sales were up 5% at Rs 233 crore as against Rs 221.4 crore QoQ.
BVR Mohan Reddy, CMD, Infotech Enterprises, said weakening European currencies led to decline in dollar revenue. He expects Q4 performance to be similar to Q3.
He said the company's continues to maintain its 19-20% margin guidance. Coming to the operating part of the company, he is certainly believe that we have posted good results in troubled times that we are in. We grew our revenue by 5.1%. We were at about Rs 232.7 crore. If you look at it year-on-year, we also grew by about 31.6%. In rupee terms, it grew well.
We have businesses which come from UK, from Europe, from Australia and these currencies have definitely become dramatically weaker in this particular quarter compared to the dollar.
I cannot say I can get my money only in dollars because clients are spread all around. That is the de-risking strategy we have adopted. That impact was negative 7.1%. So in the real dollar terms, we still grew by about 2.1%. I cannot say I can get my money only in dollars because clients are spread all around. That is the de-risking strategy we have adopted. That impact was negative 7.1%. So in the real dollar terms, we still grew by about 2.1%.
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