Cambridge Technology Enterprises announces 2015 calendar year and nine months FY16 results
CTE today announced its financial results for the quarter ended December 31, 2015.
- (1888PressRelease) February 05, 2016 - Hyderabad, India : Cambridge Technology Enterprises (www.c7e.co) (NSE: CTE) (BSE: 532801) is an IT services leader focused on the convergence of big data and cloud.
Aashish Kalra took over as the Chairman of CTE in January 2015. Under his leadership, CTE has emerged as one of the leading names in the convergence of cloud and big data space with specialization in Artificial Intelligence (AI) and Machine Learning. The two-year business plan developed for FY16 and FY17 is under execution with a target of achieving $2 Mn in revenues per month by March 2017.
Key Financial Highlights:
• Nine months ending 31 Dec 2015 vs. Nine months ending 31 Dec 2014
o Revenue: 127 percent increase
o EBITDA: 599 percent increase
o Net Profit: 1344 percent increase
• Quarter ending 31 Dec 2015 vs. Quarter ending 31 Dec 2014
o Revenue: 165 percent increase
o EBITDA: 426 percent increase
o Net Profit: 660 percent increase
CTE has reinforced its US presence by opening offices in Atlanta and Boston; our offices now include Kansas, Louisville, Atlanta, Boston, Seattle, and Pittsburgh. CTE also launched Cambridge Innovations (CI; www.c7e.io) in Q3FY16. CI was launched to partner with the most innovative new U.S. start-ups leveraging big data and cloud for transformative disruption.
With this innovative platform, CTE aims to:
1) Generate revenue, from contracts and build future clients for CTE from a pool of tomorrow's leaders.
2) Attract and retain talent, gives our employees an advantage to work on innovative solutions.
3) Capture financial upside from equity.
Key Financial Highlights:
• Nine months ending 31 Dec 2015 vs. Nine months ending 31 Dec 2014
o Revenue: 127 percent increase
o EBITDA: 599 percent increase
o Net Profit: 1344 percent increase
• Quarter ending 31 Dec 2015 vs. Quarter ending 31 Dec 2014
o Revenue: 165 percent increase
o EBITDA: 426 percent increase
o Net Profit: 660 percent increase
CTE has reinforced its US presence by opening offices in Atlanta and Boston; our offices now include Kansas, Louisville, Atlanta, Boston, Seattle, and Pittsburgh. CTE also launched Cambridge Innovations (CI; www.c7e.io) in Q3FY16. CI was launched to partner with the most innovative new U.S. start-ups leveraging big data and cloud for transformative disruption.
With this innovative platform, CTE aims to:
1) Generate revenue, from contracts and build future clients for CTE from a pool of tomorrow's leaders.
2) Attract and retain talent, gives our employees an advantage to work on innovative solutions.
3) Capture financial upside from equity.
CI aims to invest in 12 companies by March 2017 and has made 6 investments - RoadZen, Causemo, Authess, AntHill Ventures, PhotoKharma and MyCrowd.
Aashish Kalra, Chairman of Cambridge Technology Enterprises said, "We started our journey on January 1, 2015 with a target to achieve $2 Mn a month in revenue and invest in 12 companies via CI by March '17. We have made progress towards our goals, however, we still have a long way to go. We are investing in recruiting and training the future leaders of CTE and this will continue to impact our profitability till we achieve minimum scale. We believe Artificial Intelligence and Machine Learning will define new and redefine existing industries, thereby transforming data into a valuable knowledge asset and a catalyst for disruption."
He further added, "Our focus is to achieve our goals through internal accruals and deliver sustainable shareholder value."
Notes:
1. Branding: Our new logo reflects our vision and culture. 7 is geek for T in c7e.
Cambridge Technology Enterprises: www.c7e.co
Cambridge Innovations: www.c7e.io
2. New Investments: PhotoKharma and MyCrowd are the new investments added to the CI portfolio in January 2016.
3. Deferred Tax Assets and Impairment of Goodwill: In compliance of Accounting Standard on Deferred Taxes, considering increased visibility of profits, the company has decided to recognize Deferred Tax Assets of INR 4.3 cr arising out of carry forward tax losses. Of the above INR 4.3 cr, INR 1.8 cr and INR 1.4 cr were recognized in second and third quarter respectively, with the balance to be recognized in the fourth quarter of the financial year 2015-16.
As on Mar 31, 2015 Goodwill stood at INR 9.7 cr and impairment of goodwill in Q3FY16 was INR 0.61 cr. The company is awaiting approval from the High Court for writing off this Goodwill against balance lying in securities premium account.
Visit http://www.ctepl.com/pdfs/investors/Q3FY16_InvestorPresentation.pdf to access the CTE Q3FY16 Investor Presentation.
About Cambridge Technology Enterprises:
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 (BI) 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.ctepl.com or follow ( @ ) CTEofficial on twitter dot
About Cambridge Innovations:
For seed and growth-stage entrepreneurs seeking rapid growth, Cambridge Innovations provides capital and resources to reduce technology risk. Founded by experienced entrepreneurs, CI partners closely with entrepreneurs, reducing capital risk and accelerating the technology roadmap. With some of the world's most experienced strategy and development teams, entrepreneurs gain more time to shape and sell their vision and get to a better Series A, faster. Learn more at www.c7e.io.
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