Oct 31 - Cranes H1 FY09 Revenue Up 38% to Rs 2422M

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Cranes H1 FY09 Revenue Up 38% to Rs 2422M

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BANGLORE, India, Oct 31, 2008 – Cranes Software International Ltd. (Cranes), a Company that provides Enterprise Statistical Analytics and Engineering Simulation Software Products and Solutions across the globe, today announced its audited financial results for the quarter ended September 30, 2008.

Cranes Software Group’s financial performance review:

Corresponding Half Yearly Comparison

H1 FY09 (April – September 2008) v/s H1 FY08 (April – September 2007)

Total revenues were up 38% to Rs. 2,421.7 million from Rs. 1,758.0 million
Overseas revenues increased 50% and constitute 88% of total revenues
Domestic revenues at Rs. 284.0 million for the period under review
Operating profit improved by 28% to Rs. 1,216.8 million from Rs. 951.9 million
Net profit after tax is up 28% to Rs. 665.0 million from Rs. 518.7 million. Accordingly, diluted EPS grew 26% from Rs. 4.07 to Rs. 5.14 for the period under review

Corresponding Quarterly Comparison

Q2 FY09 (July – September 2008) v/s Q2 FY08 (July – September 2007)

Total revenues higher by 38% to Rs. 1,267.5 million compared to Rs. 917.3 million
Overseas revenues increased by 49% to Rs. 1,109.0 million and constitute 87% of total revenues
Operating profit increased by 27% to Rs. 643.0 million from Rs. 507.1 million. Operating margins were at 51% for the quarter ended September’08
Net profit after tax is up 27% to Rs. 346.9 million from Rs. 272.7 million translating into diluted EPS of Rs. 2.68 for the quarter under review

Business-wise Revenue Analysis

(Rs. Million) Q2 FY2009 Q2 FY2008 H1 FY2009

Proprietary Products 1,084 754 2,118

Product Alliances 144 123 245

Training 35 25 54

Proprietary products grew by 44% on a corresponding basis and constitute 86% of total revenues. We expect this segment to grow at a healthy pace and constitute majority of total revenues.

Commenting on the financial results, Asif Khader, Managing Director, Cranes Software International Limited, said:

“The financial turbulence that has unfolded over the past few months will inevitably impact all economies and change the course of business operations for many Companies around the world. In India, the ripple effects of the financial meltdown are being witnessed across the board from banks to infrastructure to IT Services. The one sector that is at least more recession proof than others is the IT Products space. And this can be seen in the solid financial and operational performance that Cranes has delivered over the past quarter. Revenues have expanded by38% to Rs. 1,267.5 million and PAT is higher by 27% at Rs 346.9 million for the quarter under review."

"Despite the downturn, Cranes can retain is earnings growth, which is a testimony to its robust and sustainable business model. During the quarter, Cranes was on course with its strategy to enhance the Company’s prospects of breaking into the elite top four or five providers of engineering simulation and enterprise data analytics software products. At present, we are not witnessing any sort of slowdown in our business and we will continue to focus our efforts on the APAC region in the coming months. Demand continues to be robust and we are working tirelessly to ensure our operations can efficiently and effectively cater to the growing demand.”

About Cranes Software International Limited

Cranes Software International Limited is a company that provides Data Analytics and Engineering Simulation Software Products and Solutions across the globe. The Company's business interests span Products, Productized Solutions, Services and R & D in future technologies.

Today, Cranes Software has its presence in 39 countries across the world and has a 350,000 strong global user base. Cranes Software offers a range of proprietary products - SYSTAT, SigmaPlot, SigmaStat, SigmaScan, TableCurve 2D, TableCurve 3D, PeakFit, NISA, eta/VPG, eta/Dynaform, XID, XIP, Survey ASYST, iCapella, InventX and world-renowned products from reputed principals such as Livermore Software Technology Corporation, The Mathworks, Texas Instruments and IBM.

For more information, visit www.cranessoftware.com.

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