 Online edition of India's National Newspaper Wednesday, Jul 23, 2008 ePaper | Mobile/PDA Version |
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R&D STRENGTH: Syamal Gupta (right), Chairman, Tata Elxsi, with Patrick McGodrick, Director, at the company’s annual meeting in Bangalore on Tuesday. BANGALORE: Tata Elxsi saw a Rs. 10 crore drop in income due to billing losses related to a few key customers in the quarter ended June 30, 2008, after “a difficult year”, the company’s Vice-Chairman S. Ramadorai told reporters here on Tuesday. Net income and profits had remained stagnant last year but revenues from some of its divisions showed improvement in the first quarter of this year, he added. Speaking to reporters after the 19th annual general meeting of the company to approve the audited results for 2007-08, he said the recession in the U.S. had a lesser impact on the company because it had no major customers in the banking and financial services sector. Earlier, the shareholders approved the final total dividend of 70 per cent, same as last fiscal. Services to the automobile and other manufacturing industries for embedded systems, industrial designing, animal and visual effects, showed better income in the three quarters ahead, Tata Elxsi’s Chairman, Syamal Gupta, said. “We are in the process of completing work an animation film for a client, a contract estimated to earn us $2.5 million,” he said. Referring to questions raised by some shareholders, Mr. Gupta said, “Our investment in R&D over the years has resulted in creating intellectual property worth Rs. 25 crore recently. Our own IPs will be our strength in a market still affected by currency fluctuations”. The company reported total income of Rs. 97.37 crore and a profit after tax of Rs. 7.10 crore for the quarter ended June 30, 2008.
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