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Updated: Net4India Reports 36.9% Increase In Profits For FY10; To Raise Rs. 80.46 Million From Granite Hills India

BSE-listed web domain and hosting service provider Net 4 India has announced plans to raise Rs. 80.46 million by issuing preferential shares at Rs. 87.76 per share to Granite Hills India Opportunity Fund. In December last year, the company had raised Rs. 150 million from private equity firm Madison India Capital HC, allocating 1,697,812 equity shares to Madison India Capital HC on a preferential basis, amounting to a 9.2% stake. Granite Hill India Opportunities Fund comes in as the second PE participant with Net4 diluting 4.7%.

Net4India has posted a Profit After Tax of Rs. 11.5 crore for the year ended March 31st 2010, up 36.9% from Rs. 8.40 crore reported for the year ended March 31st 2009. This is an increase of 36.9%. Total income increased to Rs. 197.05 crores for FY10 from Rs. 162.85 crores for FY09, up 21%. EPS increased from Rs. 5.02 to Rs. 6.66 per share, up 32.67%, on a consolidated basis. The company has recommended a dividend of 10%, Rs. 1 per share.

For the quarter, Net4India reported reported consolidated revenues of Rs 59.96 crore, up from Rs. 37.69 crore reported during Q4-09.Profit Before Tax increased to Rs. 5.21 crores for the quarter, up from Rs. 1.78 crores reported last year. Profit After Tax for the quarter increased to Rs. 3.28 crores, from Rs. 0.75 crores.

Details: Release | Financials

Update: In a release, the company says they will use the money, as well as internal accruals and bank borrowing, for business expansion – expanding their Data Centre services business, Data Connectivity services, setting up a 30,000 sq ft Data Centre and deepen the range of their managed, security and SaaS services. They will add IP/MPLS VPN services to their portfolio, under data connectivity services.

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    © 2008-2018 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ