Cambridge Technology Enterprises announces its Audited Annual Financial Results for FY16

Top Quote Focus on execution of the two year business plan to achieve revenues of USD 2M a month by Mar 2017. 104% YoY increase in revenue and 190% YoY increase in Net Profit in FY16. End Quote
  • (1888PressRelease) June 01, 2016 - Cambridge Technology Enterprises (NSE: CTE) (BSE: 532801), an IT services leader focused on the convergence of big data and cloud, today announced its audited financial results for the year ended March 31, 2016.

    Under Mr. Kalra's leadership, CTE has progressed towards its goal of achieving USD 2M a month by March 2017. CTE is focused on achieving minimum scale and executing its two year business plan, and is a recognized leader in transformational business with a focus on the convergence of cloud and big data powered by Artificial Intelligence and Machine Learning.

    Aashish Kalra, Chairman of Cambridge Technology Enterprises said, "We detailed a two year vision for CTE in March 2015. We have reached the half way mark. Our financial performance in the first year ending March 2016 is in line with our business plan. We are on track to achieve a revenue run rate USD 2M a month by March 2017. Reiterating the milestones, we have leveraged our partnerships, expanded our presence in U.S. and India, while acquiring referenceable clients in our verticals. While recruiting remains a challenge, we have made good progress here."

    He further added, "We are benefitting from Cambridge Innovations (CI), one of our fast moving verticals - where we are bringing CTE's cutting edge technologies and best practices to help transformational early-stage companies seeking rapid growth. CI is a catalyst for exposing our talent to emerging technologies and is helping to build future CTE clients. We work collaboratively with our clients and share in their success." Mr. Kalra concluded, "The outlook for the next year looks promising as we position ourselves firmly to drive profitable growth and deliver value to our clients and shareholders; we have made progress, but are still at the half way mark on our business plan. We are happy to have achieved results in line with our business plan."

    Annual Financial Highlights:
     12 months ended 31 Mar 2016 vs. 12 months ended 31 Mar 2015
     Revenue: 104% increase
     EBITDA: 100% increase
     Net Profit: 190% increase

    Performance Highlights:
    1. Performance: CTE's performance is on track and consistent with the growth that it has delivered through the past four quarters.
    2. Focused on verticals: CTE is focused on building referenceable clients in its verticals: Energy and Utilities, Life Sciences and Pharmaceuticals, Industrials, BFSI, Data Infrastructure, Cambridge Innovations and Cambridge BizServe.

    Clients include:
    -Schneider Electric (Energy and Utilities), one of the world's largest energy management and automation specialists.
    -Global leader (Life Sciences and Pharmaceutical), in pet nutrition and nutrigenomics.
    -ID Systems (Industrials), a leading global provider of fleet management solutions for securing, tracking and managing vehicles and intermodal containers.
    -Global leader (Data Infrastructure) in storage and information management solutions.
    -Leader (BFSI) in omni-channel digital banking solutions.

    Launched in Q4FY16, Cambridge BizServe is a vertical focused to effectively manage business processes and provide business insights through analytics to our clients. It accounts for approximately 5% of the consolidated revenues of CTE. Cambridge BizServe has opened a new office in Chennai to support the operations.

    Launched in Q3FY16, Cambridge Innovations (CI) is a fast growing vertical for CTE and accounts for approximately 10% of the consolidated revenues, helping CTE generate revenue, attract and upskill talent while providing financial upside through equity participation in the companies it helps.

    3. Global Presence and Competency Centers: In line with providing its global clients access to 24/7 development cycle, CTE reinforced its U.S. presence with six offices and expanding its offshore delivery centers in India across Hyderabad, Bangalore and Chennai. Furthermore, the company realizes the significance of trained and skilled employees and has invested heavily into training employees via its competency centers in India and the U.S.

    4. Partnerships: CTE has strengthened its partner ecosystem achieving Platinum Partner status with Oracle, Premier Partner with Amazon Web Services while building partnerships with Pentaho, Apica Systems, ForgeRock, Rackspace, Tableau, and New Relic. Through its partner network, CTE gains access to the best technology framework and solutions, strengthening its delivery capabilities.

    5. Team Strength: CTE continues to invest in talent acquisition. Although, hiring remains a challenge, the company has increased its team strength, adding over 100 employees to its existing global talent base.

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