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Aztecsoft Financial Results Q2 09

10-21-2008 02:30 PM CET | IT, New Media & Software

Press release from: Aztecsoft Limited

Aztecsoft Posts Sequential Revenue Growth at 11+% in INR Terms

Bangalore, October 20, 2008: Aztecsoft Limited (Aztecsoft) the leading provider of Global Software Engineering Services announced its financial results that were taken on record by its Board of Directors for the second quarter and half-year ended September 30, 2008. For the second quarter, Aztecsoft has posted revenues of Rs 85.51 Crores and a net profit of Rs 5.79 Crores on a consolidated basis.

Key Highlights:

Strong Revenue Growth - Revenues grew sequentially (Q-o-Q sequential growth) by 11.4% in Rupee terms and 5.4% in US Dollar terms.

Improved Profitability – Improved sales mix, tight control on operations and expenses and high utilization has helped the Company to improve Gross margins from 35% in Q I-09 to 38% in QII-09 and EBITDA margins from 18% in QI-09 to 25% in QII-09.

Client base growth - During this quarter, Aztecsoft added 5 new clients with a good mix of mature players and emerging clients. The total active client count stands at 65 at the end of QII-09. The quarter saw a strong revenue growth coming from existing clients and partially from new clients added in this year.

Human capital growth – During the current quarter, the Aztecsoft’s most important asset, namely its human capital stands at 2,005 as at September 30, 2008. Blended offshore utilization is at 76% (excluding campus/trainees recruits) and at 70% after considering campus/trainees recruits for the quarter under review.

Strong & liquid balance sheet - Cash and cash equivalents stand at Rs 86.69 Crores as on September 30, 2008 and account for 34+% of asset base as on that date.

Acquisition by MindTree Limited - MindTree Limited (MindTree), a global IT and R&D Services Company, completed the Open Offer to acquire equity stake in Aztecsoft. MindTree holds 79.90% equity stake in Aztec soft as on date. Consequently, Aztecsoft has become a subsidiary of MindTree.

In a meeting of the Board of Directors of Aztecsoft, held on July 29, 2008, MindTree Chief Executive Officer Krishnakumar Natarajan took over as the Chairman & Managing Director of the Company. Aztecsoft CEO Samir Bodas has been inducted on the Board of Directors. Mr. Sunil Gulati, Mr. S.R. Gopalan and Mr. A.V. Sridhar will continue to serve on the Board as Independent Directors.

About Aztecsoft Limited

Aztecsoft is a software engineering services partner for software product companies. Leaders in the OPD and Testing space, we provide Full-Lifecycle Product Engineering, Independent Testing, Professional Services and Sustained Engineering services to companies in the following domains: Application and Infrastructure Software, New Media and Internet, Financial Services Software and Life Sciences Software.

With over 2100+ products developed and tested so far, Aztecsoft has helped several top tier Enterprise and Consumer software companies ship some of the most complex software in the world! Aztecsoft's passion for technology, excellence and people gives their customers the best combination of expertise, experience and depth of services to make it the technology partner of choice.

The reasons why our customers prefer to work with us are that we provide four key advantages to them for their software engineering needs: increased speed to market, improved quality, managing uncertainty, and access to specialists.

Aztecsoft has won a number of industry awards for innovative HR practices from independent agencies, which is an external validation of Aztecsoft's consistent growth momentum.

To learn more about Aztecsoft, please visit or email

Aztecsoft Limited.
Maruthi Chambers,
No. 17/9C, 17/4C,
Rupena Agrahara,
Hosur Road,

Phone: 91.80.25738005
FAX: 91.80.41100587

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