Results: ValueLabs reports record results

Hyderabad – April 1, 2003 – ValueLabs, a leading provider of custom Software Development, QA and Tech Support, today announced financial results for the financial year ended March 31, 2003.

Revenue for the year ended March 31, 2003 increased by a record 126% over the previous year. The total headcount increased to 170 from 110 in the previous year, reflecting the strength of the business outlook for 2003-04.

“The financial year 2002-03 was the most successful one in our six year history,” said Arjun Rao, Chief Executive Officer. “We enter our seventh year of operations with an unbroken track record as a profit making company from day 1 of our operations. We have firmly established ourselves as leaders in our peer group riding on the back of long term strategic relationships that we have in place. We are proud to have added the US based market leader in Enterprise Application as a valued customer during this period. We have an aggressive outlook for 2003-04 and are on track to grow at the same pace.”