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Hindu Business Line - December 20, 2006
Nihilent eyes Rs 70-cr revenues
Hopes to break even in US, UK
Revenues of Rs 70 crore, IPO listing by 2009, break-even in the export markets of the US and the UK are some of the plans that have been chalked out by the Pune-based consulting and solutions integration company Nihilent Technologies.
Talking to presspersons, Mr L.C. Singh, President and Chief Executive Officer, and Mr Minnoo Dastur, Chief Operating Officer and Director, Nihilent, said the company had achieved a revenue target of Rs 45 crore for the fiscal ended March 2006.
The target for this year is Rs 70 crore, he said. As part of this, Mr Singh said the company has opened a new 45,000 sq ft facility in the city with a seating capacity of 700 professionals.
Offshore development
He said it is also planning to expand its offshore development capability by adding 450 software professionals and would be taking its headcount to over 1,000 by mid next year.
Looking at the revenues, Mr Singh said that currently 80 per cent of the revenues came from the South African market.
Last year, the company had entered the US market and was hoping to break even this year.
During the current fiscal, it has made its entry into the UK market , where it has acquired three clients, one each in the publishing, utilities and networking fields.
During the current fiscal, it has made its entry into the UK market , where it has acquired three clients, one each in the publishing, utilities and networking fields.
Mr Dastur noted that the ratio break-up of revenue was 80 per cent from IT and software development, while 20 per cent came in from the consulting practice. He said that this would be the ratio which would be looked at for some time.
Commenting on the domestic market, he said in addition to the consulting for State Bank of India and IndusInd Bank based on the patented change management framework, it is also looking at the domestic market with its electronic feedback gathering system `Customer Feedback System' (CFS). He said the company has secured four clients for the CFS, including SBI and was now targeting the hospitality, banking, retail and telecom sector for this product.
Mr Singh said the company would be coming out with an initial public offering by mid-2009 and has already begun the initial work. He, however, did not divulge any details.
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