Allsec recoups losses, bets on domestic market

CHENNAI: Outsourcing firm Allsec Technologies posted a loss of Rs 7.22 crore ( on stand alone basis) for the year ended 31 March 2009, lower than the Rs 13.55 crore loss that it posted in the previous year, on the back of increased business from the domestic market even as it saw volumes go down from the US.

During the year, the company posted total income of Rs 99.01 crore, marginally higher than the Rs 96.49 crore that it posted in 2007-08.

���We made profits quarter-on-quarter and we will be making profits on an ongoing basis. The volumes went down because of the issues in the US. The domestic market has paid off pretty well for us,��� Allsec CEO and director Jagdish Ramamoorthy told ET.

Allsec has been focussing on the Indian market for a year now and it contributes to a quarter of its overall revenue. ���There are significant large and small contracts. Sectors like telecom and retail, in particular,��� Mr Ramamoorthy added.

Allsec has cash balances of at least Rs 50 crore in its kitty, which has been earmarked for acquisitions. ���There is cash available so we will look at acquisitions if it���s the right fit,��� Mr Ramamoorthy said.