Accentia’s net profit up despite global recession

Health care receivables cycle management (HRCM) player Accentia Technologies, operating from the Technopark here and other centers, has recommended a final dividend of 20% for 2008-09. Company officials said the good performance in 2008-09 was achieved despite the global recession that had forced many BPO/KPO companies to take extreme measures including large-scale pink slips and cost cutting.

Accentia Technologies CEO Pradeep Viswambharan said the performance in 2008-09 showed there was room for hope even in adversity. He said the company’s net sales and net profit had increased from Rs 51.90 crore and Rs 14.86 crore respectively in 2007-08 to Rs 80.46 crore and Rs 24.55 crore respectively in 2008-09.

He said the company had grown strongly in recent times, from two production centers in 2008 to 17 centres across India and abroad, adding that Berggruen Holdings had bought a 14% stake in the company which would help the company look at acquisition and expansion plans.

He said Accentia planned to increase its employee base by 60% in the current fiscal, and that the company had initiated an organization-wide process and cost restructuring exercise to increase its profitability even in the present challenging market conditions.