VisualSoft Technologies recovered from its lower levels on Friday after the company unveiled its Q3 results.

At the time of writing this article, the stock of the software solutions and products company was down by 2.8% to Rs 207.60 on the BSE, recovering from a low of Rs 199.65. The stock clocked a high volume of 2.8 million shares by the first-half of the session. The scrip came off in the run-up to the results.

For Q3 ended December 2002, VisualSoft Technologies has posted a 51% year-on-year growth in its net profit to Rs 8.36 crore from Rs 5.53 crore in the corresponding period of the previous year. Net sales have gone up by 29% year-on-year to Rs 31.57 crore from Rs 24.44 crore.

On a quarter-on-quarter basis i.e. compared to the the September 2002 quarter, VTL's net profit has gone up by 3.5% to Rs 8.36 crore from Rs 8.07 crore in Q2 ended September 2002. Net sales on a quarter-on-quarter basis have risen by 5.5% to Rs 31.57 crore from Rs 29.91 crore.

VTL's primary focus is in providing developer solutions, technology frameworks, enterprise applications and professional services automation tools in the areas of eBusiness, business intelligence, knowledge management, mobile solutions and security.

VTL carried out restructuring of its business - into a solutions-driven model from a product-driven one - in the last one year. The company had earlier said that once the once the business conditions improve, it would come out with an appropriate strategy to either spin off the products division into a separate subsidiary or set up a subsidiary and transfer the core intellectual property to that subsidiary and then invite a strategic partner to invest in that subsidiary to take the products to the market place.

A few months back, VTL announced the support for Microsoft .NET mobile application development. The company offers its customers solutions for building and deploying XML Web services that can be part of a mobile Web application as well as be consumed by a smart client application based on the Microsoft .NET Compact Framework. These solutions allow applications to communicate and share data over the Internet using mobile devices.

Meanwhile, VTL's paid-up equity capital has gone up to Rs 19.79 crore in Q3 ended December 2002 from Rs 19.65 crore, consequent to the allotment of 1,46,520 equity shares by the board on 17 October 2002 pursuant to the exercise of options by the employees under the Employee Stock Option Scheme.