Accel Frontline’s Q1 turnover increases by 21% to 55.41 crores and PAT increased by 40% to Rs.3.04 crores

Accel Frontline’s Q1 turnover increases by 21% to 55.41 crores and PAT increased by 40% to Rs.3.04 crores

Accel Frontline Ltd. (AFL) (BSE Code: 532774), a joint venture between the Chennai based Accel Ltd. and Frontline Technologies Corporation, Singapore today announced its unaudited first quarter results for the period ending 30th June 2007, which was taken on record by the Board of Directors on 26th July 2007.

For the quarter ended June 30, 2007, the company has posted a consolidated net turnover of Rs.55.41Crores against Rs.42.97 Crores during the corresponding quarter of the previous year, registering a growth of 29%. The EBIDTA went up by 42% to Rs.6.92 Crores against Rs.4.88 Crores during the corresponding period last year. The Profit Before Tax was up 62% at Rs. 4.52 Crores against Rs. 2.79 Crores and Profit After Tax improved by 41% to Rs.3.04 Crores against Rs.2.17 Crores for the same period last year.

Announcing the quarterly results, Mr. N. R. Panicker, the Chairman and CEO of the Company said, “We are pleased to report a good quarterly performance on a normally slow first quarter for the domestic IT industry. With our continued focus on IT Infrastructure Management and Enterprise Software Services we are confident that the growth momentum will continue in the coming quarters and will ensure steady growth in turnover and profitability. ”

During the quarter the company received several prestigious annuity contracts for IT services. The company has launched new initiatives to move into IT Outsourcing and to expand the Managed Services portfolio with Remote Managed Services.

The company added two hundred and forty new employees in the first quarter taking the total employees number up to 2615 professionals.

About Accel Frontline Ltd.:

Accel Frontline Ltd. is a joint venture between the Chennai based Accel Ltd. and Frontline Technologies Corporation, Singapore. The company is engaged in providing comprehensive IT Services for enterprises that include, IT Infrastructure Management, Software Services, Infrastructure Solutions and IT Outsourcing. It has a track record of 16 years of growth and it employs 2615 professionals operating from 100 locations. The company came out with its IPO in October 2006 and is listed on the National Stock Exchange of India and the Bombay Stock Exchange. The company had a consolidated turnover of Rs.190 Crores for the financial year ending March 2007 with a Profit After Tax of Rs.12 Crores.

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