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Friday, January 2, 2009

Glodyne Technoserve Limited:-Company in an aggresive mood

q)With two-fold growth in consolidated net profit of the company for the quarter ended September 30, 2008, how do you see the business growing, and what sort of financials can we expect in the forthcoming quarter?

ans)The second quarter of the fiscal year 2008-09 has registered a growth both on the topline and bottomline for Glodyne. Our revenue for the quarter was at Rs 1,215.8 million, 78% up YoY and PAT was at 192.3 million, 118% up YoY. The operating margin has been improving with every quarter in line with our expectations, Q2 registering an EBITD margin of 21.55%.We have added 11 new clients in Q2 which include the NREGS project in Bihar worth Rs 2.84 bilion. It is a BOOT project executable over a period of five years.For the fiscal 2009, the consolidated revenue on organic basis has been revised upwards and is expected to be in the range of Rs 4.65 billion – 4.87 billion from the earlier guidance of Rs 4.54 billion – 4.78 billion . We expect Q3 09; consolidated revenue on organic basis to be in the range of Rs 1.23 billion – 1.28 billion.Glodyne is primarily in the business of Technology Infrastructure Management Services, focused on optimizing the operational expense of our clients, a core expense they can’t do away with unlike other capex intensive initiatives which could go slow in case of a slowdown. Infact I see the slowdown as an opportunity as we believe that Companies will do more of outsourcing of their Technology Infrastructure management to optimize their operational costs. IMS business would continue it growth traction. On the domestic front we will leverage on the various e-governance initiatives being rolled off nationally, the recently bagged NREGS project being an example of the BOOT project.

q)Could we have your views on the global meltdown, and its repercussion on Indian stock market?

ans)The Global recession is definitely going to have an impact on India, to what extent would depend on the exposure of each sector to US. For India it would also depend on the speed of the Government measures to arrest the same. In my view, world is on the verge of recession and no country can escape from it. However I do feel that some kind of turnaround will be visible in the next 12-15 months. There will be pressures and the Indian stock market is already witnessing it and is also visible on earnings of many companies.

q)What kind of profitability you expect for your MoU with Bihar State Electronics Development Corporation (BSEDC), government of Bihar for executing a turnkey technology project worth Rs 2.84 billion?

ans)We expect to have an EBITD level of anything greater than 25% from NREGS project in Bihar.

q)Could you please elaborate on your R&D strategy in the near future?

ans)We have developed and are in the process of developing IPR’s in the HR Services and Technology Infrastructure Management Services space. Our HR Services have been built on Software as a Service model and would roll out in the market soon. In the Technology IMS space we are building tools and technologies that would enhance the remote delivery of our services, would ensure vulnerability management and enhance the efficiency of our processes.
q)Could we have your outlook on the IT industry in India?

ans)IT Industry would continue its growth however it would also look at avenues of derisking geographies and services. The Indian IT Industry has built its strengths and matured in the last 2 decades. Now we see sectors emerging out in the IT services which are being treated differently like Software Services, BPO and the IT services which encompass IMS also. Each of these sectors within IT has its own uniqueness and would have different growth traction. We would also see more focus on the domestic IT market by IT players.

q)What impact the rupee-dollar fluctuations could have on the IT industry, particularly the software sector, according to you?

ans)The rupee – dollar scenarios has been one roller coaster ride, there has been a lot about the strengthening of rupee, hedging practices, etc. In any outsourcing business such fluctuations directly affect the topline and bottomline. However I feel we would see some stability in a couple of months. The Indian market is growing mature enough to bear the impact of the currency fluctuation.

q)Could you tell us about your customer partners, some of them being Fortune 500 members?

ans)We have a diversified portfolio of clients which as of Q2 FY09 is more then 220+ we are focusing on consolidation our clients and targeting larger deals. Few of our clients are Ogilvy and Mather, Standard Chartered, NABARD, Sun Microsystems, Symantec, Globus, etc.

q)Do you have any plans for M&A in the near future?

ans)We have successfully completed two acquisitions in the year 2006-07 and 2007-08 both in US. These were onsite IT Services companies having strong client relationships but lacked any offshore synergies. Both the acquisitions have been successful and the integration has been done. We would continue to pursue strategic acquisitions in the IMS space which would leverage on our offshore capabilities and has potential to upsell and cross sell our IMS services.

q)Would you like to convey any message to the shareholders and investors of the company ?

ans)The message I would like to give our shareholders is Glodyne is an IT Services Company, with high value service offerings in the Technology IMS services. We follow the highest standards of corporate governance and transparency. We have an experienced, reputed and credible management team and a strong Board, which is focused on building value for our stakeholders

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