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
  • New York, NY (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.

    Audited Consolidated Financial Highlights for the financial year ending March 31, 2016:
    CAMBRIDGE TECHNOLOGY ENTERPRISES FINANCIAL RESULTS: 12 MONTHS ENDING 31 MAR 2015 VS. 12 MONTHS ENDING 31 MAR 2016 - YOY (In INR Mn)

    Revenue:
    2014-15: 322.5
    2015-16: 658.2
    % change YoY: 104%

    EBITDA
    2014-15: 57.1
    2015-16: 114.3
    % change YoY: 100%

    Net Profit
    2014-15: 31.2
    2015-16: 90.5
    % change YoY: 190%

    EPS (INR):
    2014-15: 1.5
    2015-16: 4.6
    % change YoY: 190%

    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.

    Audited Consolidated Financial Highlights for the quarter ending March 31, 2016:
    CAMBRIDGE TECHNOLOGY ENTERPRISES FINANCIAL RESULTS: QUARTER ENDING 31 MAR 2015 vs. QUARTER ENDING 31 MAR 2016 - YoY (In INR Mn)

    Revenue
    31-March-15: 117.0
    31-March-16: 197.2
    % change YoY: 69%

    EBITDA
    31-March-15: 32.3
    31-March-16: 38.4
    % change YoY: 19%

    Net Profit
    31-March-15: 9.9
    31-March-16: 21.1
    % change YoY: 113%

    EPS (INR)
    31-March-15: 0.5
    31-March-16: 1.0
    % change YoY: 113%

    CAMBRIDGE TECHNOLOGY ENTERPRISES PERFORMANCE IN LAST FIVE QUARTERS SINCE JANUARY 2015 (In INR Mn)

    Q4FY15
    Revenue: 117.0
    % change YoY: 96%

    Q1FY16
    Revenue:139.9
    % change YoY: 109%

    Q2FY16
    Revenue:154.4
    % change YoY: 110%

    Q3FY16
    Revenue: 166.5
    % change YoY: 165%

    Q4FY16
    Revenue:197.2
    % change YoY: 69

    Notes: 1. Scheme of Reduction of Capital: In order to present a true and factual financial position of the Company, the Board of Directors of the Company approved the draft Scheme of Reduction of Capital on 18.11.2015 to utilize the balance lying in the Securities Premium Account amounting to INR 225.2 Mn of the Company to write off the entire Goodwill amounting to INR 97.7 Mn and the balance against the accumulated losses to the extent of INR 127.5 Mn of the Company. The reduction in capital will result in reflecting the actual Networth of the Company after receiving approval from Hon'ble High Court.

    Visit http://www.ctepl.com/pdfs/investors/FY16_Investor_Presentation.pdf to see FY16 Investor Presentation

    About Cambridge Technology Enterprises: Cambridge Technology Enterprises (CTE) is an IT services leader focused on the convergence of big data and cloud. Recognized as a thought leader and innovator of enterprise solutions, CTE focuses on cloud application development and management, data warehousing, business intelligence (BI) and analytics on the cloud. Through designing and implementing enterprise IT strategies that leverage the cloud's capabilities, CTE's end-to-end services enable its customers to harness the data available to them. Its expertise across domains makes CTE a preferred choice for IT Strategy and Implementation to its customers. For more information, visit www.ctepl.com or follow ( @ ) CTEofficial on Twitter dot

    About Cambridge Innovations: For early and growth-stage entrepreneurs seeking rapid growth, Cambridge Innovations provides capital and resources to reduce technology risk. CI partners closely with entrepreneurs, reducing capital risk and accelerating the technology roadmap. With some of the world's most experienced strategy and development teams, entrepreneurs gain more time to shape and sell their vision and get to a better Series A, faster. Learn more at www.c7e.io.

    Forward-looking and Cautionary Statements:
    Certain statements in this press release may contain statements concerning our future growth prospects that are individually and collectively forward-looking statements. Such forward-looking statements are not guarantees of future performance and are subject to known and unknown risks, uncertainties and assumptions that are difficult to predict. These risks and uncertainties include, but are not limited to, the performance of the Indian economy and of the economies of various international markets, the performance of the industry in India and world-wide, competition, the company's ability to successfully implement its strategy, the Company's future levels of growth and expansion, technological implementation, changes and advancements, changes in revenue, income or cash flows, the Company's market preferences and its exposure to market risks, as well as other risks. The Company's actual results, levels of activity, performance or achievements could differ materially and adversely from results expressed in or implied by this press release. The Company assumes no obligation to update any forward looking information contained in this press release. Any forward-looking statements and projections made by third parties included in this press release are not adopted by the Company and the Company is not responsible for such third party statements and projections.

    Contact:
    Media Relations: Nilofar Nigar |+91 40 4023 4400 | nnigar ( @ ) ctepl dot com
    Investor Relations: Hanumant Bhansali |+91 40 4023 4400 | hbhansali ( @ ) ctepl dot com

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