Kale Consultants net profit rises 55.12% to Rs 20.26 million

Mumbai:
08 May 2003

Mumbai: Kale Consultants Ltd, the aviation and banking solutions major, has reported a net profit of Rs 31.42 million for the year ended 31 March 2003, showing an increase of 55.12 per cent against a profit of Rs 20.26 million reported during the previous year. The total income increased to Rs 507.01 million, registering a growth of 0.5 per cent over Rs 504.50 million reported during the previous year.

For the quarter ended 31 March 2003, the net profit increased by 15.67 per cent to Rs 21.19 million from Rs 18.32 million recorded during the corresponding quarter of the previous year. The total income for the quarter was Rs 141.53 million, against Rs 153.28 million reported during the corresponding quarter of the previous year.

The export revenue for the year stood at Rs 381.30 million (Rs 377.17 million) and formed 76 per cent (76 per cent) of the operating income of the company.

The net profit of the Kale group, on a consolidated basis, showed an impressive 11-fold growth to Rs 38.38 million, compared to Rs 3.18 million reported in the previous year. The total income for the year was at Rs 551.60 million, compared to Rs 552.43 million reported in the previous year.

Says Kale managing director Vipul Jain: "This year, the company has expanded its presence in the airline industry with managed process services for revenue accounting and ticket sales audit on an outsourced basis. This is an exciting additional revenue stream, which will provide another growth engine for the company."

The airlines division continued to grow during the year and reported sales of Rs 348.19 million, showing a growth of 14 per cent over Rs 304.26 million reported in the previous year. Managed process services was the key contributor to this growth, showing an impressive growth of over 138 per cent with sales of Rs 151.33 million over Rs 63.48 million reported during the previous year.