Aztecsoft Financial Results Q2 09

Released on: September 13, 2008, 2:02 am

Press Release Author: Aztecsoft Limited

Industry: Software

Press Release Summary: Aztecsoft Posts Sequential Revenue Growth at 11+% in INR
Terms

Press Release Body: 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 www.aztecsoft.com or email
marketing@aztecsoft.com.


Web Site: http://www.aztecsoft.com/

Contact Details: Aztecsoft Limited.
Maruthi Chambers,
No. 17/9C, 17/4C,
Rupena Agrahara,
Hosur Road,
Bangalore
Karnataka
India
560068

http://www.aztecsoft.com/
marketing@aztecsoft.com

Phone: 91.80.25738005
FAX: 91.80.41100587

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