Cambridge Technology Enterprises announces its results for Q1 FY17

74% YoY increase in revenue and 176% YoY increase in Net Profit in Q1 FY17. End Quote

(1888PressRelease) July 30, 2016 - Hyderabad, India : Cambridge Technology Enterprises (NSE: CTE) (BSE: 532801), an IT services leader focused on the convergence of big data and cloud, today announced its audited financial results for the quarter ended June 30, 2016.

Key financial highlights:
• Revenues have grown at an average of 105% in the last 5 quarters
• Quarter ended 30 June 2016 vs. Quarter ended 30 June 2015
o Revenue: 74 percent increase
o EBITDA: 129 percent increase
o Net Profit: 176 percent increase

Aashish Kalra, Chairman of Cambridge Technology Enterprises said, "We detailed a two year vision for CTE in March 2015. We are through five quarters and are happy to have achieved results in line with our business plan. We are on track to achieve a revenue run rate of USD 2M a month by March 2017. Reiterating the milestones, we have leveraged our partnerships, expanded our presence in U.S. and India, while acquiring referenceable clients in our verticals. We have made progress in recruiting which is helping us achieve our vision."

He further added, "Cambridge BizServe, a subsidiary of Cambridge Technology Enterprises, is making progress, accounting for nearly 5 percent of the consolidated revenues. Our focus on the convergence of cloud and big data fueled by artificial intelligence and machine learning is paying dividends."

Scheme of Reduction of Capital: In order to present a true and factual financial position of the Company, the Board of Directors of the Company approved the draft Scheme of Reduction of Capital on 18.11.2015 to utilize the balance lying in the Securities Premium Account amounting to INR 225.2 Mn of the Company to write off the entire Goodwill amounting to INR 97.7 Mn and the balance against the accumulated losses to the extent of INR 127.5 Mn of the Company. We are awaiting the approval from Hon'ble High Court.

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.c7e.co or follow ( @ ) CTEofficial on twitter.

###

space

Other Related Press Releases