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3i Infotech Chairman's Speech > Engineering - Heavy > Chairman's Speech from 3i Infotech - BSE: 532628, NSE: 3IINFOTECH
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3i Infotech

BSE: 532628|NSE: 3IINFOTECH|ISIN: INE748C01020|SECTOR: Computers - Software
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Chairman's Speech (3i Infotech) Year : Mar '11
The global economic environment has shown relatively a stable situation
 after the turbulence seen during the previous two years. While the
 United States is showing signs of recovery, some of the European
 countries continue to face severe fiscal constraints. Talking
 specifically about IT Industry, we find the overall business
 environment slowly changing towards more optimism, though it is still
 far from the growth years it had witnessed prior to the meltdown. The
 developed markets continue to be sluggish and all research reports
 indicate that this situation is not going to improve in the near
 future.  The emerging markets on the other hand continue to be on the
 growth path, although the volume of IT spend in these markets is quite
 low. Since the IT Industry depends largely on the developed markets for
 volumes, we have challenges on hand to sustain the growth in the near
 future.
 
 There are three factors which have affected the company during last two
 years. One, our well- intentioned initiative in the area of
 e-governance in India by setting up Citizens Service Centers (CSCs)
 turned out to be not as successful as expected. This resulted in an
 adverse impact on our resources, which will take some time to recoup.
 Two, our various acquisitions in BFSI space, while giving large
 revenues and adequate EBIDTA margins, resulted in strain on our
 cash-flows and increased
 
 interest burden. Three, the meltdown in global financial markets
 resulted in our FCCBs not being converted into equity, thereby adding
 to our debt burden. The company has taken these issues in its stride
 and has boldly faced the challenges posed by these factors, without
 significantly affecting the revenue stream.
 
 The focus of the Company now is on its core strengths of products and
 services. Exiting from non- remunerative businesses such as CSCs, etc.
 will help the company in consolidating its position. It will help the
 company greatly in terms of reduced cost and better cash-flow
 management. You have firmly stood by the management all these years
 and, I am sure, you will continue to support the management in its
 endeavor to work towards building a better share- holder value.
 
 Warm Regards,
 
 Hoshang N. Sinor
 
 
 
Source : Dion Global Solutions Limited
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