MUMBAI, INDIA--(Marketwired - May 29, 2015) - Aurionpro Solutions Ltd (AURIONPRO.NS) (AURIONPRO.BO), a global technology solutions provider headquartered in Mumbai, India, announced its financial results for the fourth quarter ending March 31, 2015 and financial year FY14-15.
Q4 FY14-15 Financial Highlights*:
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Total revenue for the period was Rs. 201.79 Crores, up 18.2% YoY
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Consolidated EBITDA for the quarter was Rs.29.19 Crores, up 61% YoY
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Consolidated net profit was Rs.24.7 Crores, up 48.7% YoY**
FY14-15 Financial Highlights*:
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Total revenue for the financial year was Rs. 737.14 Crores, up 13.63% YoY
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Consolidated EBITDA for the financial year was Rs. 123.22 Crores, up 63.6% YoY
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Consolidated net profit was Rs.79.06 Crores, up 30.9% YoY**
* Before exceptional items
* * Including Intellvisions
"This was a year of very good growth and consolidation for us. Globally we are observing that going digital and enhancing enterprise security are key priorities for clients this year," said Samir Shah, CEO of Aurionpro. "We are uniquely positioned at this intersection to help clients accelerate their digital innovation, secure their enterprises while optimizing business operations. We are seeing huge apetite for our IP-led solutions and innovation offerings."
Q4 FY14-15 Business Highlights:
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We successfully completed merger of Intellvisions Software Ltd. during this fiscal year. This furthers our offerings around digitizing customer interaction experience.
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We are helping an emerging mobile payments provider in US accelerate their product engineering and go-to-market with rapid deployment of technology across global markets.
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We helped a leading US depository and clearing corporation secure their identities with fastest deployment of complete Oracle IAM suite including Single Sign-On, Provisioning, Federation, Risk-Based Authentication, Authorization and API Gateway.
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Formed and invested into six global partnerships with industry leaders in Enterprise Security -- SailPoint, ForgeRock, Dell, Courion, Ping Identity and Inspyrus.
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A large Singapore based bank is leveraging Aurionpro's SmartLender corporate loan origination solution to optimize and scale lending operations across 20 cities across the globe from LA to Tokyo.
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Helped a leading Indian bank install seven digital branches in record six weeks. It accelerated bank's innovation agenda with unique and next generation digital branches that includes Smart Kiosk solutions for instant card issuance enabling customer to open account and walk out with personalized card less than 15 minutes.
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Went live with first of its kind multi-purpose Kiosk for a Middle Eastern client. It allows purchase & recharge of personalized payment cards, payment of service fees for public services and issues Vouchers. It has advanced security systems in-built including camera for monitoring.
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Introduced advanced version of Warehouse Management System & Order Management System as two key features in the SCMProFit product. The new version of product is already being implemented at customer locations across Asia.
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Helped one of India's leading mobile services provider optimize its billing operations by a complete redesign of bill generation across 23 regions and delivery channels that include print, email, web, fax and kiosk.
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Successfully doubled our licenses with a leading logistics provider in India for our SCM cloud solution.
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Won an application development deal with a NA based global leader in Patient Enrollment and Retention specialist in the Life Sciences industry.
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Management updates: Mr. Deependra Chumble joined the company as Chief People Officer.
Aurionpro's employee count rose to 1344 over 1259 at the beginning of the year, a gross addition of 85 employees. This number is net of exiting from low margin BPO business with headcount of over 150 resources.
Geographically, North America contributed to 40% of revenue with India adding another 25% of revenue. Rest of world and Europe contributed 35%.
Dividend
The board has recommended a dividend of Rs 3/- (30%) per equity shares of the face value of Rs 10 each in its meeting held 28 May 2015 subject to approval of the members of the Company at the forthcoming Annual General Meeting.
Note on intangible write off (Exceptional Item)
In financial year FY05-06, immediately after IPO, Aurionpro had Rs.23 Crores in total revenues and primarily focused on one product -- cash management, in one country -- India and IP-led revenues stood at Rs.6 Crores. Since then the company made a strategic decision to invest in expanding IP-led business through organic/inorganic activities. In 2015 Aurionpro revenues from product were Rs.167 Crores with operations in 25 countries.
This expansion was undertaken by combination of heavy investment into new product development, continuously expanding existing product capabilities as also with few strategic acquisitions. Also subsequent to acquisitions product portfolios of acquired businesses were expanded and integrated. The enhancements took place over the years, allowing our products compete with global players on features, quality and price.
The major focus around adding new products and new modules in initial years was on corporate banking side and over last few years on adding capabilities on retail and digital banking platforms. Most notably, company added: Retail and Corporate Lending Suite, Limits and Collateral Management, eStatements and Interactive customer communications, Mobile and Internet Banking, Cloud based Supply Chain Management ERP, Financial SCM solutions and fame ERP. It further took on localization for these products in regions such as Far East, Middle East and Africa, allowing rapid expansion in emerging markets.
All of this took significant time, product engineering efforts and investment in R&D. And while Aurionpro currently enjoys a pole position in several markets, along with acquisitions the company inherited different accounting tools and practices, which included capitalizing R&D expense in some cases.
After several years of integration efforts, the company has now completed integration of all acquisitions/subs globally and successfully rolled out a global financial ERP, unifying all accounting practices and policies. The management has decided that the company will take a non-cash charge of Rs.222.93 Crores to that extent. There will still be a smaller capital work in progress left on balance sheet that is not permitted to be written off for regulatory reasons. Going forward, this will also reduce depreciation by approximately Rs.20 Crores.
Further as a measure of prudence, company has decided to charge off product development expenditures to the profit and loss account.
About Aurionpro
Aurionpro Solutions (AURIONPRO.NS) (AURIONPRO.BO) is a Aurionpro is global technology solutions leader that helps clients accelerate their digital innovation, secure their enterprises, and optimize business operations. We combine core domain expertise, thought leadership in innovation, security and leverage industry leading IP to deliver measurable business results for global corporations.
With revenues of $120MN USD and employing more than 1,300 experts across North America, Asia, and Europe, the company has been named among the top 100 technology companies for Financial Services worldwide in 2014. For more information, visit www.aurionpro.com.
