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Bartronics Q2 Net Profit Up 99 Per Cent
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The company sees good traction in the domestic market with increasing number of project wins.
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Friday, October 30, 2009:
Bartronics India Limited, a bar code and RFID technology companies, has announced its second quarter results for fiscal 2010. Revenue for the quarter ended 30 September 2009 was Rs 174.7 crore as against Rs 160.5 crore in the corresponding period last year, a YoY growth of 9 per cent. On a sequential quarter basis, the revenues were up 7.3 per cent.
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Profits after tax were Rs 35.2 crore compared with Rs 17.71 crore in the corresponding period in the previous year, an increase of 98.7 per cent YoY.
Basic EPS was Rs 11.89 as compared to Rs 8.24 in the last quarter.
Commenting on the results, Sudhir Rao, managing director, Bartronics India, said, “We had a strong quarter and grew operating revenue and net profit of the company by 9 per cent and 98 per cent, respectively. We are seeing good traction in the domestic market with increasing number of project wins. Large ticket orders in the government sector are awaiting the tendering process, and Bartronics is uniquely positioned to capitalise on this pipeline of opportunities.”
He also added, “The company is hopeful of business revival in the Singapore market with the increasing project spends being announced by the Governments in the East Asian region which is showing faster growth than the US markets.”
During the quarter, the company commissioned the Avitar project in Singapore and is awaiting the order for full-scale implementation. The Aapke Dwar project commissioned by the Municipal Corporation of Delhi (MCD) saw the first kiosk being installed at the Paharganj area in New Delhi.
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