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Cambridge Technology Enterprises Limited (CTE) Q3 revenues at 41.35 Crores and net profit at 0.96 Crores

Hyderabad, February 02, 2009: Cambridge Technology Enterprises Limited (CTE), a global IT services provider and a leading provider of SOA based solutions and Enterprise Transformation applications to mid-size enterprises and mid-size business units of Global 2000 enterprises, today announced its un-audited third quarter (Q3) results for the quarter ending December 31st 2008 for the financial year 2008-09.

Highlights

Consolidated Results for October to December (Q3-FY 2009) quarter ending December 31, 2008:

  • The consolidated revenues for the third quarter were Rs. 41.35 Crores (USD 8.53 Million).Compared to revenues of corresponding period last year of Rs 22.30 Crores (USD 4.60 Million), the growth translates to over 85% Year-on-Year on annualized basis. However, the Q3 revenues compared to Q2 revenues of FY 2009, (sequential revenues) declined by 20%.
  • Profit after Tax was Rs 0.96 Crores (USD 0.20 Million) for the Q3 FY 2008-2009 quarter compared to Rs. 3.36 Crores (USD 0.69 Million) of profit after tax for the corresponding quarter in the previous year (Q3 FY 2007-2008) which translates to decrease in profits by approximately 71% Year-on-Year on annualized basis. Q3 profits compared to Q2 profits of FY 2009, (sequential profits) declined by 85%.
  • Basic and Diluted Earnings per share for the period are Rs.0.61 and Rs.0.47 respectively.

Others

  • During the quarter, CTE was ranked 11th in the Deloitte’s Fast Technology 50, India-2008 program and ranked 101 in the Deloitte’s Fastest Technology 500 for APAC -2008.
  • The share purchase agreement entered between CTE and Protégé Software Services Inc. was terminated with mutual consent due to non-completion of closing formalities within the agreed time frame of 15 Jan 2009 and due to current market conditions.

Mr. Bhaskar Panigrahi, CEO and Chairman, Cambridge Technology Enterprises Limited (CTE) said, “The revenue and profitability for the quarter were mainly affected by decline in our Government division’s business, essentially due to delay in renewal of the contracts. We are optimistic that these contracts would get renewed as per the policies of the new government but there would be impact on the combined companies’ revenue for next couple of quarters till this happens. Our commercial division has been stable and is helping in making-up for some of the shortfall in our organic targets. We are working aggressively to take all steps to keep close to our organic business targets”

Mr. Ramesh Reddy, CFO, Cambridge Technology Enterprises Limited (CTE) said, “We are closely monitoring the business scenario and taking all measures to align costs to revenues to improve the overall profitability gradually to earlier levels.”

About Cambridge Technology Enterprises

Cambridge Technology Enterprises (CTE) is a global services provider dedicated to serving the midsize market of enterprises and the midsize units of Global 2000 enterprises across the spectrum of business industries. Recognized as a thought leader and innovator of comprehensive Service Oriented Architecture (SOA)-based enterprise transformation and integration solutions and services, CTE provides solutions for all business challenges. CTE offers the same level of expertise to IT as it does to product development, business process outsourcing, and innovation consulting. CTE leverages its dedicated pool of talented professionals and its deep partner network and acts as a general contractor to help midsize enterprises meet today’s increased challenges and makes them future ready. CTE is a one-stop-shop for all global service needs. With offices throughout the US and the world, Cambridge Technology Enterprises focuses on local collaboration and global execution.

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