Neilsoft Corporation, the engineering services and solutions provider has achieved a revenue growth of 43 per cent in 2005-06 and has planned its next phase of expansion to achieve a ten-fold growth in the next six years.
Addressing a press meet, Founder & Managing Director of Neilsoft, said that the company revenues grew from Rs 28 crore in 2004-05 to Rs 40 crore In the following year.
The operating profit of the company showed a 63 per cent rise from 5.52 crore in 2004-05 to Rs 8.96 erore In 2005-06 In the nexl fiscal, Neilsoft is looking at a 50 per cent plus growth, with revenues at Rs 65 crore.
The Pune based Neilsoft has been engaged in engineering services since 2000 with a priority in design modelling and computer aided technology. Besides the Pune head office, Neilsoft has two centres in the United Kingdom and one each in the US and China. Bakshi said that Neilsoft has selected Hubli in Karnataka as its second engineering centre in India after the Pune office "The Hubli centre will become operational by July and we plan to add 100 employees there in another 18 months," Bakshi said.
The Hubli centre will initially focus on construction sector engineering services before venturing into mechanical engineering sector The Hubli centre is part of Rs 37.5 crore service expansion plan announced by Neilsoft in March. Neilsoft alms at emerging among the top ten engineering services companies in the world by 2011-12 with £100 million in revenue and an employee strength of more than 3,500 across the world.
"Engineering services now have the opportunity to grab the benefits of outsourcing and globalisation with rising demands from
Europe and ths US," he said.
In the coming financial year, Neilsoft is looking for funding to the tune of $6 million, half of the amount each from equity and debt, from financial institutions. The company is also likely to enter into collaboration with engineering institutions for joint initiatives to improve learning and growth
opportunities. Meanwhile, Hans Eldahl, former chief executive officer (CEO) and chairman of De Laval, is taking over as managing director of Neilsoft Europe and member of the Neilsoft International Advisory Board (NIAB).
Prakash Desai, former Manager at Hindnsian Lever, will be advisor and mentor for the soon-to-begin middle management training programme and Ajay Dubey ex-chief operating officer of Persistent Systems, will take over as consultant for Scatabillty Framework and member of NIAB.