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Media Reports
Tata Infotech net profit jumped by over 122 per cent at Rs.4.89 crore for the quarter ended December 31, 2002, from Rs. 2.20 crore posted in the corresponding quarter, aided by control in its other expenditure. The company’s net sales and services were at Rs. 100.96 crore for the quarter of the current fiscal a drop of 2.14 per cent from Rs.103.17 crore in the same period of last year. The company’s operations continued to be impacted by a lower demand for its products and services. Some of the measures taken by the company to improve its profitability have resulted in a net profit rise of over 122 per cent in the third quarter despite a marginal fall in its total income. However, the nine month profit showed a sharp decline. For the nine months the net profit was at Rs.7.86 a drop of 42.12 per cent from Rs.13.58 crores in the corresponding period. The other expenditure of Rs.22.86 crore includes had debts written off and provision for bad and doubtful debts of Rs.3.54 crore for the third quarter (previous year’s third quarter was at Rs.5.26 crore). The company has invested Rs.10.65 crore in acquiring 40 per cent of the share capital of Sitel India Pvt. Ltd. a joint venture between Systems Integrated Telemarketing BV (a subsidiary of Sitel Corporation, USA) and Tata group.
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