This includes the performance of its subsidiaries Systat Software Asia Pacific Ltd., Systat Software Inc., USA, Systat Software GmbH., Germany, Cranes Software Inc., USA, Cranes Software UK Ltd., Cranes Software International Pte. Ltd., Analytix Systems Pvt. Ltd., Tilak Autotech Pvt. Ltd., Dunn Solutions Group Inc., Caravel Info Systems Pvt. Ltd., Proland Software Pvt. Ltd., Engineering Technology Associates Inc., USA (ETA Inc., USA), Engineering Technology Associates (Shanghai) Inc., China (Subsidiary of ETA Inc., USA) and Esqube Communication Solutions Pvt. Ltd.
Cranes Software International Ltd. (Cranes), a Company that provides Enterprise Statistical Analytics and Engineering Simulation Software Products and Solutions across the globe, today announced its financial results for the quarter ended June 30, 2008.
Cranes Software Group first quarter performance review:
Corresponding quarter comparison
Q1 FY09 (April – June 2008) v/s Q1 FY08 (April – June 2007)
• Total revenues higher by 37% to Rs. 1,154.3 million compared to Rs. 840.7 million;
o Overseas revenues were up 52% to Rs. 1,024.5 million and constitute 89% of total revenues;
o Domestic revenues were at Rs. 128.3 million for the period under review;
• Operating profit improved by 29% to Rs. 573.8 million from Rs. 444.7 million;
• Net profit after tax up 29% to Rs. 318.2 million from Rs. 246.0 million. Accordingly, diluted EPS increased 33% from Rs. 1.84 to Rs. 2.44 for the quarter under review.
Sequential quarter comparison:
Q1 FY09 (April – June 2008) v/s Q4 FY08 (January - March 2008)
• Total revenues remained almost at the same level compared to the previous quarter. The revenues were Rs. 1,154.3 million
o Overseas revenues expanded by 12% q-o-q from Rs. 914.6 million to Rs. 1,024.5 million
• Operating profit increased by 13% from Rs. 508.3 million to Rs. 573.8 million.. Operating margins also increased to 50% in the current quarter compared to margin of 43% in Q4 FY08
• Net profit after tax was almost stable at Rs. 318.2 million translating into diluted EPS of Rs. 2.44 for the quarter under review.
Business-wise Revenue Analysis
(Rs. Million) Q1 FY2009 Q4 FY2008 Q1 FY2008
Proprietary Products 1,034 943 692
Product Alliances 101 217 139
Training/Services 19 17 10
Proprietary products grew by 10% and 49% on a sequential and corresponding basis respectively. We expect this segment to grow at a healthy pace and constitute majority of total revenues.
Commenting on the financial results, Asif Khader, Managing Director, Cranes Software International Limited, said: “The Company started the quarter on a positive note with revenues up by 37% to Rs. 1,154 million. We had earlier streamlined our businesses into revenue centric groups of Engineering, Analytics, and Technology. This operational strategy has already started paying dividends by enabling Cranes to build in-roads into specific target markets of automotive, aerospace, pharmaceutical, environmental & social science, telecom, and banking & financial services. Your Company is keen to make acquisitions not to drive growth but to be present in the whole spectrum of the analytics value chain. This presence will greatly enhance the Company’s prospects of breaking into the elite top four or five software providers in the world that specialize in engineering simulations and enterprise data analytics. Going forward, we can expect to witness strong business demand and superior operational efficiency to effectively cater to this growing demand.”
About Cranes Software International Limited
Cranes Software International Limited is a company that provides Data Analytics and Engineering Simulation Software Products and Solutions across the globe. The Company's business interests span Products, Productised Solutions, Services and R & D in future technologies.
Today, Cranes Software has its presence in 39 countries across the world and has a 350,000 strong global user base. Cranes Software offers a range of proprietary products - SYSTAT, SigmaPlot, SigmaStat, SigmaScan, TableCurve 2D, TableCurve 3D, PeakFit, NISA, eta/VPG, eta/Dynaform, XID, XIP, Survey ASYST, iCapella, InventX and world-renowned products from reputed principals such as Livermore Software Technology Corporation, The Mathworks, Texas Instruments and IBM.
Certain statements in this release concerning our growth prospects are forward-looking statements. These forward-looking statements are subject to certain risks and uncertainties, including government actions; local political or economic developments; technological risks; risks inherent in the Company's growth strategy; dependence on certain clients; dependence on availability of technical consultants and other factors that could cause our actual results to differ materially from those contemplated by the relevant forward looking statements. The Company undertakes no obligation to publicly update these forward-looking statements to reflect subsequent events or circumstances.
For further information, please contact:
Krishna Lakshmi Narasimhan
Cranes Software International Limited
P: +91 98 45833811 / F: +91 80 41231274
Gavin Desa/Aditya Bedi
Citigate Dewe Rogerson
P: +91 22 4007 5036 / 5023 - F: +91 22 22844561
E: gavin[.]cdr-india.com, aditya[.]cdr-india.com.