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AGC Network Q1 net jumps seven-fold at Rs 18 crore

Essar Group's BPO arm AGC Networks today reported a seven-fold (680 per cent) jump in net profit at Rs 18 crore.

Updated: Jul 26, 2012, 10.03 PM IST
MUMBAI: Essar Group's BPO arm AGC Networks today reported a seven-fold (680 per cent) jump in net profit at Rs 18 crore for the first quarter ended June 30 against Rs 2.3 crore a year ago, on the back of a robust revenue flow from its overseas business.

Sales during the reported period grew by 25 per cent at Rs 246 crore as against Rs 196 crore a year ago.

"We have seen impressive growth in the year and will keep the momentum going through our well defined growth strategy," AGC Networks Managing Director and Chief Executive S K Jha told reporters while announcing the quarterly numbers.

The firm is all set to expand its global footprints to the European market (Britain primarily), he said, adding "as we progress and see customer engagements, we would be enhancing our presence subsequently in the other markets as well."

Revenue from the overseas business grew significantly to 42 per cent in the June quarter as against 16 per cent a year ago period.

"We have seen improvement across all parameters of growth. Now the focus is to grow business out of the country also. We are going in the markets where we are seeing opportunities. So this pie is also changing," the company's Global Chief Financial Officer, C M Sharma, said.

"We are improving our margins while maintaining our product mix," he said, adding the revenue mix between solutions and services currently stood at 70:30.
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