AGC Networks Narrows Loss to Rs 9.4 Crore in July-September

Global ICT solutions provider AGC Networks today said its net loss narrowed down to Rs 9.4 crore
in the quarter ended September 30, 2014, against that of Rs 42.1 crore in the same period last year.
     
Revenues have grown 4.1 per cent to Rs 222.3 crore in the quarter under review from Rs 213.5 crore in the July-September 2013 quarter, the Essar Enterprise company said in a statement.

During the quarter, the company received significant business in India from IT, BPO and manufacturing verticals.

There is traction in healthcare and travel verticals in Australia and the US, while the firm has enhanced footprint across Africa in Kenya, Ethopia and Rwanda in the said quarter.
     
"Providing Return on Technology Investment (ROTI) by accelerating our customers business will ensure we surpass our aggressive future milestones," AGC Networks MD and CEO Anil Nair said.
     
The company has achieved the milestone of breaking-even at EBIDTA-level across global markets after six quarters.

"Achieving rapid break-even for the business in this quarter itself with higher revenues and margins is the beginning of a series of focused efforts," AGC Networks Chief Financial Officer Amal Thakore said.
     
During the quarter, the firm bagged million dollar contracts from a US Bank, an Indian financial services company, a telecom service provider in Bangladesh and a government agency in Africa.