AGC Networks Q4 net jumps over three times

MUMBAI: AGC Networks, a subsidiary of the Essar Enterprise-promoted Aegis, posted over three times rise in net profit to Rs 23.5 crore in the March quarter on the back of strong growth in key verticals.

It had a net profit of Rs 7.5 crore in the year-ago period.

Total revenue rose 56 percent to Rs 303 crore in the reporting period, up from Rs 194 crore.

"We witnessed sound growth in the last financial year and are hopeful of keeping the momentum in the current financial year," AGC Managing Director and Chief Executive S K Jha told reporters here.

Operating profit or the Ebitda (earnings before interest, tax, depreciation, and amortisation) rose 235 percent to Rs 41.7 crore compared to Rs 12.4 crore, while Ebitda margin jumped to 13.8 percent from 6 percent earlier.

For the whole financial year, the company posted a 117 percent rise in net profit to Rs 63.4 crore, up from Rs 29.2 crore a year earlier.

Total revenue rose 69 percent to Rs 998 crore during the last fiscal, compared to Rs 590 crore reported a year earlier.

The company, which has verticals like BFSI, telecom, IT/ITes, manufacturing, hospitality and healthcare among others, also expects significant revenues from overseas in the near future.

"Most of the revenue contribution has come from our domestic operations in the last financial year. Going ahead, we expect significant revenue from our global operations," Jha said, adding that the company is expanding its presence in geographies like the US and the Philippines among others.