Infotech Enterprises has reported that in a bid to significantly save tax outgo, is looking to double its staff working in special economic zones (SEZs) doubling income from such operations. The company currently draws some 12% of its annual revenues from SEZs by employing around 1,500 staff and is now planning to double the staff in two years, expecting to improve contribution from SEZs to some 22% of revenues.
For the year ended March 31, 2013, on the consolidated basis, the company has posted a rise of 43.17% in its net profit at Rs 231.06 crore as compared to Rs 161.39 crore for the same period in the previous year. Total income has increased by 20.60% at Rs 1873.06 crore for year under review as compared to Rs 1553.13 crore for the period ended March 31, 2012.
The current operations from SEZs have helped the company to reduce the tax outgo by 479 basis points to 30.5%. The increased operations from SEZs should help it to further save taxes to some 26%. The company currently has SEZs at five locations - Hyderabad, Vizag, Kakinada, Bangalore and Noida.
