Press Release
Tricom India Limited Q1 PAT up by 39 percent
Mumbai August 14, 2010 -
Tricom India Limited (BSE Code: 531675, NSE Code: TRICOM), a company specializing in non-voice Business Process Outsourcing (BPO), has registered a consolidated net profit after tax (PAT) of Rs 450 lakhs for the first quarter ended June 30, 2010, as against the profit of Rs 324 lakhs for the corresponding period ended June 30 2009. The same is up by 39 per cent.
The company has achieved consolidated revenue from operations of Rs 2415 lakhs during the first quarter ended June 30, 2010, as against Rs 2402 lakhs for the corresponding quarter ended June 30 2009.
Acquisition
Tricom India Ltd. has acquired Mastiff Tech Pvt. Ltd & Mastiff Internet Media Solutions Pvt. Ltd. for a total consideration of Rs 2.5 crores in an all shares deal. Mastiff Tech is an emerging consulting service provider in the consumer internet product domain & is a complete online media solution provider. Mastiff’s portfolio is enriched by clients from venture backed product companies, movie distribution companies, audience measurement practice for pod casts to social networking providers in different domains like sports, movies etc.
Commenting on the Q1 performance and acquisition, Mr. Chetan Kothari, Managing Director, Tricom India Limited said, “Successful integration of the business has brought steadiness and has stimulated the growth pattern which is visible from the improved performance during this quarter. This year has commenced with an optimistic note & results are encouraging.” He added, “Mastiff acquisition was a strategic move to consolidate and strengthen Tricom’s business model. Employing Mastiff^s technological expertise, our BPO & Software development operations will be reinforced.”
The company has received interest for subscription of convertible debentures to the tune of Rs 20 crores from several investors. The board has decided to accept these applications and issue convertible debentures on preferential basis. The funds will be utilized for retirement of loans, general corporate purpose and for acquisitions.
Notes to Editor.
About Tricom India Limited
Tricom India Limited (BSE Code: 531675, NSE Code: TRICOM) is an IT enabled Service (ITeS) provider for global businesses. Tricom is a non-voice Business Processing Outsourcing (BPO) with its prime focus on IT-enabled niche data management & data capturing services.
The company has in-depth expertise in delivering generic document conversion services and process-specific solutions in areas like Legal Support Services, Title Insurance, E-Publishing, Software Services and Health Care Support Services. Tricom services various government bodies, large legal firms, litigation vendors, life & general insurance companies, banking and financial institutions, healthcare institutions, hospitals, medical centers, large publishers & media houses, retail chains etc.
Tricom has presence in India and USA and is listed on the NSE, BSE and Luxembourg Stock Exchange. Tricom is certified ISO 27001:2005 (which is awarded only to those companies who have achieved the highest levels of competency in information security management) and ISO 9001:2008 certification (the international benchmark for quality management and quality assurance). For more information, visit Tricom at www.tricominfo.com
For Further Information Contact:
Rahul Vyas / Tarran A Sharma
Corporate Communications
Tricom India Limited
E: rahul.vyas@tricommail.com / tarran@tricommail.com
T: +91 - 22 - 6690 7800