3i Infotech’s revenue grows by 94.3% to Rs 548cr

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3i Infotech , a global provider of IT solutions and one of India's largest software product companies*, today announced its operating results for the period ended September 30, 2007.

 

FINANCIAL HIGHLIGHTS

 

Consolidated results for the half year ended September 30, 2007:

 

·    Revenue for the half year was Rs 548 crores, a growth of 94.3% over the corresponding period of the previous year.

 

·    Profit before depreciation, Interest and Tax (including other income) for the half year was Rs 140 crores, a growth of 94.4% over the corresponding half year of the previous year.

 

·    Profit after tax for the half year was Rs 83 crores, a growth of 87.3% over the corresponding half year of the previous year.

 

·   Earnings per share (EPS) increased to Rs 6.19 from Rs 3.79** in the corresponding period of the previous year.   

 

Consolidated results for the quarter ended September 30, 2007:

 

·    Revenue for the quarter was Rs 284 crores, a growth of 90.7% over the corresponding quarter of the previous year.

 

·    Profit before depreciation, Interest and Tax (including other income) for the quarter was Rs 74 crores, a growth of 94.1% over the corresponding quarter of the previous year.

 

·    Profit after tax for the quarter was Rs. 43 crores, a growth of 85.9% over the corresponding quarter of the previous year.

 

·   Earnings per share (EPS) increased to Rs 2.99 from Rs.1.95** in the same quarter of the previous year.   

 

Commenting on the results, Mr. V. Srinivasan, Managing Director  & CEO, 3i Infotech, said, "The results are a clear demonstration of our capability to sustain growth. This is also a reiteration of our belief that growth to be sustained, has to be balanced - a balance in offerings and across geographies. We will continue with this growth model, complemented by strategic acquisitions".

 

Outlook

 

The company has revised its guidance for FY2008 and now expects to end the year with revenues of  Rs.1,150 crores to Rs.1,250 crores and profits of Rs.165 crores  to Rs.175 crores.

 

 Business Highlights

  

The Company:  

 

·     Signed an agreement to acquire J&B Software Inc., USA and its subsidiaries for USD 25.25 million. With the acquisition, 3i Infotech plans to penetrate J&B's blue chip BFSI customer base in the US and extend J&B's payment processing solutions to global markets.

 

·      Partnered with the Government of Goa to implement the state's Integrated Information Infrastructure (I-3) Project

 

·      Acquired a strategic stake of 26% in TAXSMILE.COM India Pvt. Ltd. (Taxsmile), with a commitment to acquire a majority stake over a period. Taxsmile is a Company which has launched an offering in the e-tax filing and tax advisory space for individuals

 

·      Won the prestigious Independent Software Vendor 2007 Award from Oracle Corporation, Asia Pacific. The award is Oracle's highest honor accorded to a partner in the Independent Software Vendor (ISV) category, and is based on the quantum of net revenue that the company realizes from the partner

 

·      Was named a "Traction Index" leader in a recent report from research and advisory firm Celent, based on the analysis of key software vendors for the insurance industry in North America. 3i Infotech was also named a leading provider in the Full Policy Administration Systems category, based on the number of deals the company inked in 2005 and 2006 

 

Sourced From: Text 100 Public Relations Consultancy