SSI reports Net profit of Rs.11.53 Crores, expects significant revenue growth from FY07

SSI Limited has reported a PAT of Rs.11.53 Crores for Q2FY06 (quarter ended 31st March 2006) as against a net loss of Rs.2.57 Crores for Q1FY06. Other income for the quarter ended March 2006 stood at Rs.14.61 Crores including Rs.12.71 Crores from sale of 18,00,000 shares in M/s Aptech Ltd. SSI had invested in M/s Aptech Limited in June 2003. SSI Ltd currently holds 76,798 shares in M/s Aptech Ltd.

SSI Ltd had a cash balance of Rs.60 Crores as on 31st March 2006.

Since the merger of SSI´s education business with Aptech and its technology business with Scandent Solutions, SSI Ltd has been engaged in asset-based businesses in emerging verticals in the resurgent Indian domestic market including the Entertainment space.

Q2FY06 Highlihgts

• SSI Ltd., raised Rs.75 Crores through issuance of stock to investors including Morgan Stanley Mutual Fund, MIRAE Asset India Solomon Equity Investment Trust, ASK Raymond James Associates Pvt Ltd., The India Fund Inc., and Reliance Capital Trustee Ltd., at Rs.104.85 per share.
• Balance Aptech Stake divested; cash raised to be deployed in the development of townships including BREAD (Buckingham Real Estate and Asset Developers) project.
• Committed funds into BREAD to the tune of Rs.66 Crores
• Completed acquisition of 54.64% stake in Telephoto (through an open offer)
• Forayed into hospitality sector with the launch of Ooty Villa Park
• Announced plans to set up multiplexes in Tamil Nadu through Telephoto.

Source : Equity Bulls

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