Ontrack revenue up 50% in Q1
By Our Convergence Bureau | 12 Aug 2003
Mumbai: Ontrack Systems Ltd, a system integration and software development company, has posted nearly 50-per cent growth in revenue to Rs 50.83 million in the first quarter of 2003-04 from Rs 33.38 million in the corresponding period of the previous year. The growth in turnover is mainly due to the improved foreign operation of Ontrack. Overseas gross earnings in the first quarter stood at Rs 44.66 million.
Ontrack has software development centres in Kolkata and Fujirah in the UAE. Besides these, it has offices in London, Munich, Tokyo and Delhi.
Ontrack managing director B Hari says the company's performance will be still better in the second quarter as the IT business outlook, both here and abroad, is improving. "Ontrack will leverage the multifunctional skills in providing cost-effective efficient solutions to its customers."
For the year ended March 2003, OSL recorded a 52.13-per cent growth in revenue to Rs 162.78 million from Rs 107 million in 2001-02. The company will be paying a dividend of 6 per cent for 2002-03.