Cambridge Technology Enterprises announces its results for Q2 FY17
Reiterates its focus on AI and Machine Learning
To Launch Cambridge DataScience in Q3 FY17
Expect to achieve INR 100 cr in consolidated revenues in FY17
Appointment of Dr. Rajan Lukose as CTO, CTE and Chief Scientist, CD
Hyderabad, India, 7 Nov, 2016: Cambridge Technology Enterprises (NSE: CTE; BSE: 532801), an IT services leader focused on the convergence of big data and cloud, today announced its unaudited financial results for the quarter ended Sep 30, 2016.
1. CTE announces its renewed focus on Artificial Intelligence (AI) and Machine Learning and aims to be an integrated solution provider in Big Data, Data Science and Cloud services. We believe:
- Big Data and the Cloud are game changers transforming how businesses are defined, designed and delivered and enterprise value is captured.
- AI and Machine Learning will define industries both new ones and old, transforming data into a valuable knowledge asset and a catalyst for disruption.
- The trend is accelerating as it is estimated that 2.5 quintillion bytes of data is created daily with enterprise-generated data expected to exceed 240 exabytes daily by 2020. In a KPMG survey of C-suite executives, 99 percent said that analysis of big data was important to their strategy.
- A global resource shortage fuels opportunity with an estimated shortage of 290,000 data scientists in the U.S. by 2018 predicted by a McKinsey study.
- CTE helps organisations seeking to realize their business potential to capture new enterprise value by leveraging the convergence of big data and the cloud and unleashing the potential of Artificial Intelligence and Machine Learning.
- Financial Highlights:CTE’s performance is on track and consistent with the growth that it has delivered through the past six quarters, since the inception of business plan focusing on the convergence of big data and cloud.
i. Revenues have grown at an average of 100% in the last 6 quarters
ii. Quarter ended 30 Sep 2016 vs. Quarter ended 30 Sep 2015
1. Revenue: 64 percent increase
2. EBITDA: 111 percent increase
3. Net Profit: 32 percent increase
CAMBRIDGE TECHNOLOGY ENTERPRISES PERFORMANCE IN LAST SIX QUARTERS (INR Mn) INR Mn Revenues % change (YoY) EBITDA % change (YoY) PAT % change (YoY) Q1FY16 139.9 109% 25.9 1489% 12.0 – Q2FY16 154.4 110% 26.7 951% 28.0 1011% Q3FY16 166.5 165% 23.3 1209% 29.5 659% Q4FY16 197.2 69% 38.4 19% 21.1 113% Q1FY17 243.7 74% 59.4 129% 33.0 176% Q2FY17 253.1 64% 56.4 111% 37.0 32%
- Focused on verticals:CTE has added a referenceable client in each of its verticals: Energy and Utilities, Life Sciences and Pharmaceuticals, Industrials, BFSI, Data Infrastructure, Rapid Prototyping via Cambridge Innovations and Data Support & Managed Services via Cambridge Bizserve.Launch of Cambridge Innovations: Launched in Q3FY16, Cambridge Innovations (CI) is a fast growing vertical for CTE tapping the most innovative U.S. start ups and helps CTE stay on the cutting edge technically, generate revenue, attract and upskill talent while providing financial upside through equity participation in the companies it helpsLaunch of Cambridge Bizserve: Launched in Q4FY16, Cambridge Bizserve is a vertical focused to effectively manage business processes and provide business insights through analytics to its clients.
- Global Presence and Competency Centers: In line with providing its global clients access to 24/7 development cycle, CTE reinforced its U.S. presence with six offices and expanding its offshore delivery centers in India across Hyderabad, Bangalore and Chennai. Furthermore, the company realizes the significance of trained and skilled employees and has invested heavily into training employees via its competency centers in India and the U.S
- Partnerships: CTE has strengthened its partner ecosystem achieving Platinum Partner status with Oracle, Premier Partner with Amazon Web Services while building partnerships with Pentaho, Apica Systems, ForgeRock, Rackspace, Tableau, and New Relic. Through its partner network, CTE gains access to the best technology framework and solutions, strengthening its delivery capabilities.
To build a successful business we need the following:
- Cambridge Innovation: By working with the most innovative U.S. startups, we can identify cutting edge technologies and attract the best talent to work with us.
- Cambridge Bigdata: Build and manage technologies for some of the largest companies in the world.
- Cambridge DataScience: We will launch Cambridge DataScience (CD) in the third quarter of FY17 to assist CxOs make decisions by drawing substantial strengths in insights and data analytics.
- Cambridge Bizserve: provides data support and managed services for the applications we built.
As real-time big data, artificial intelligence and machine learning is breaking down the traditional best practices and structure barriers, creativity and innovation is what is needed to be ahead of the curve.
4. Appointment of Dr. Rajan Lukose
We are proud to announce the appointment of Dr. Rajan Lukose as the Chief Technology Officer, CTE and Chief Scientist, CD. Dr. Lukose was a Senior Research Scientist at Hewlett Packard Laboratories for over a decade. He also worked at the Xerox Palo Alto Research Center. He has over 25 patents registered in his name and has several laurels including an IBM award in Computational Finance. He has over 20 publications like ‘Learning User Purchase Intent From User-Centric Data’, ‘Local Search in Unstructured Networks’, ‘An Economic Approach to Hard Computational Problems’. He received a PhD in Physics from Stanford University and had done his thesis on ‘Internet Dynamics’. Dr. Lukose is based out of San Francisco, U.S. With this, CTE expands its Silicon Valley presence.
With the focus on unleashing the true potential of AI/Machine Learning, Dr. Lukose is going to focus on building a team for CD and integrate all the divisions of CTE to drive efficiency and improve profitability to invest in the growth of the company.
We are ahead of our plan as we planned to launch CD in the second quarter of next financial year and launching it in Q3 FY17.
5. As we focus on CD and integration of our offerings, we target a revenue growth of 25-50% per quarter compared to corresponding quarter (previous year). We hope to achieve INR 100 cr approximately in the current fiscal on a consolidated basis, with a focus on improving profitability to fund our expansion.
Aashish Kalra, Chairman of Cambridge Technology Enterprises said, “We are going to focus on providing an integrated end-to-end solution for Big Data, Data Science and Cloud services. In order to do this, we need to build Cambridge DataScience and integrate all the four divisions of CTE. This will be our focus for the next six months. Hence, we will target an increase of 25-50% in revenue every quarter compared to corresponding quarter previous year with a focus on improving our profitability.”
On his appointment as the CTO of CTE and Chief Scientist at CD, Dr. Rajan Lukose said, “It is an honour to be appointed as the CTO at CTE and Chief Scientist at CD. I look forward to building Cambridge DataScience and play a key role in meeting the technological needs and demands of our customers. I am excited about this next chapter in my career and the incredible work that I will be a part of here at CTE.”
Consolidated Financial Highlights for quarter ending Sep 30, 2016:
|CAMBRIDGE TECHNOLOGY ENTERPRISES FINANCIAL RESULTS:
QUARTER ENDED 30 SEP 2016 vs. QUARTER ENDED 30 SEP 2015 – YoY
|Particulars||30-Sep-16||30-Sep-15||Change in % (YoY)|
Forward-looking and Cautionary Statements:
Cambridge Technology Enterprises (CTE) is an IT services leader focused on the convergence of big data and cloud. Recognized as a thought leader and innovator of enterprise solutions, CTE focuses on cloud application development and management, data warehousing, business intelligence and analytics on the cloud. Through designing and implementing enterprise IT strategies that leverage the cloud’s capabilities, CTE’s end-to-end services enable its customers to harness the data available to them. Its expertise across domains makes CTE a preferred choice for IT Strategy and Implementation to its customers. For more information, visit www.c7e.co or follow @cam_technology on twitter.
About Cambridge Technology Enterprises:
Certain statements in this press release may contain statements concerning our future growth prospects that are individually and collectively forward-looking statements. Such forward-looking statements are not guarantees of future performance and are subject to known and unknown risks, uncertainties and assumptions that are difficult to predict. These risks and uncertainties include, but are not limited to, the performance of the Indian economy and of the economies of various international markets, the performance of the industry in India and world-wide, competition, the company’s ability to successfully implement its strategy, the Company’s future levels of growth and expansion, technological implementation, changes and advancements, changes in revenue, income or cash flows, the Company’s market preferences and its exposure to market risks, as well as other risks. The Company’s actual results, levels of activity, performance or achievements could differ materially and adversely from results expressed in or implied by this press release. The Company assumes no obligation to update any forward-looking information contained in this press release. Any forward-looking statements and projections made by third parties included in this press release are not adopted by the Company and the Company is not responsible for such third party statements and projections.
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