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Tata Info turns the corner with Rs 5 cr net in Q1 Economic Times - July 24, 2001

Mumbai: Tata Infotech has reported a net profit of Rs. 5 crore for the first quarter ended June 30, 2001, from a net loss of Rs. 89 lakh in the corresponding quarter last year.

Net sales during the quarter grew by 21 per cent to Rs. 132 crore, up from Rs.109 crore in the corresponding quarter last year.

During the quarter, the company incorporated a wholly owned subsidiary in Canada.

The Tata Infotech stock price closed on the Bombay Stock Exchange at Rs.137, remaining unchanged from the previous day’s close. Staff costs during the quarter increased to Rs. 31 crore as compared with Rs.27 crore in the previous corresponding quarter. The company has recently decided to expand its domestic systems integration business and is looking for joint venture partners in the US for this purpose.