Mumbai, January 18, 2007 -
3i Infotech, a global provider of IT solutions and one of India's largest
and the fastest growing software products companies*, today announced its
operating results for the quarter ended December 31, 2006.
- Consolidated revenue from operations
for the quarter at Rs. 171.6 crore grew 53.3% on YoY basis. On a sequential
basis, the revenue from operations grew by 18.3%. On organic basis, the
revenue from operation on a sequential basis grew by 9.5%.
- Profit
before interest, depreciation and tax (PBIDT) for the quarter, at Rs. 48.7
crores, grew by 89.2% on YoY basis. This represents a PBIDT margin of 27.4%,
as against 22.5% in the corresponding quarter of the last year.
- Consolidated profit after tax but before minority interest &
exceptional items for the quarter, at Rs. 27.9 crores, grew by 69.8% on YoY
basis. The consolidated PAT grew by 20.6% on a sequential basis.
- During the quarter the company has changed its accounting policy
with respect to software products capitalized by charging off software
product development costs as incurred, as against the earlier practice of
capitalizing such development costs. If the company had not carried out this
change in policy the Profit after tax but before minority interest &
exceptional items, would have been higher by Rs. 4.3 crore
- Consolidated earning per share (EPS) excluding exceptional items
for the quarter works out to Rs. 4.8 as compared to EPS of Rs. 2.7 in Q3FY06
and Rs 3.9 in Q2FY07.
- Consolidated revenue from operations for the
nine months ended December 31, 2006 at Rs. 445.1 crores, grew by 49.5% over
corresponding period of the previous year.
- Profit before interest,
depreciation and tax (PBIDT) for the nine months, at Rs. 120.7 crores, grew
by 86% on YoY basis
- Consolidated profit after tax but before
minority interest & exceptional items for the nine months stands at Rs.
72.4 crores, signifying a growth of 80.7% on YoY basis.
- The
nine-month consolidated EPS excluding exceptional items works out to
Rs.12.4, as compared to EPS of Rs. 6.5 for the corresponding nine-month of
the last year.
- During the period the company has changed its
accounting policy with respect to software products capitalized by charging
off software product development costs as incurred, as against the earlier
practice of capitalizing such development costs. If the company had not
carried out this change in policy the Profit after tax but before minority
interest & exceptional items would have been higher by Rs. 4.3 crore.
Commenting on the positive performance of the company in
the quarter, Mr. V. Srinivasan, MD & CEO, 3i Infotech ,
said, "3i Infotech has a two-pronged growth strategy. While we continue to
aggressively grow our existing line of products organically, we are also
looking to fill gaps in our offerings through acquisitions. This has allowed
us to build a formidable line of end-to-end, integrated product and solution
offerings. Our results are therefore a reflection of our strategy and growth
trajectory which we have envisaged for ourselves."
The Board
appointed Mr. Amar Chintopanth, Chief Financial Officer (CFO) as Executive
Director & CFO.
The Board has also passed a resolution
authorizing the issue of further equity shares / equity linked instruments,
to raise resources from the domestic or international markets, of up to 2
crore shares subject to shareholder and other requisite approvals.
Acquisitions:
- Acquired stake in e-enable technologies
- Acquired Stex Software Technologies Ltd., a company specializing in
workflow and document imaging software and associated services
- Acquired Rhyme Systems, a software products company in the BFSI
segment in the UK.
Others:
- Launched
Technology Center of Excellence in partnership with Oracle in order to
develop advanced technologies for the Insurance industry
- Closed a
€15 mn FCCB Issue
- Launched ORION@Apparel, a suite of software
products to address the technology and automation needs of India's booming
apparel industry
- Commenced Saudi Arabia operations with office in
Riyadh and plans to open offices in Jeddah and Dammam shortly
- The company has won the prestigious Frost &
Sullivan Product Innovation Award 2006 for its Insurance software PREMIA™
solution
- During the quarter, 3i Infotech was conferred the 5A2
rating by Dun and Bradstreet which indicates that the company is financially
sound with low risk
3i Infotech is one of the top 4 Indian
Software Products Companies,* and for the last 2 years has had the
distinction of being among the 2 fastest growing Indian Software Products
companies.* The company provides software solutions for the banking,
insurance, capital markets, mutual funds, government, manufacturing, retail
and distribution verticals. The company services customers in over 45
countries across 5 continents.
3i Infotech's software
business is SEI CMMI Level 5 compliant and its Infrastructure Services and
Business Process Outsourcing Services are ISO 9001:2000 certified. The
company also offers other IT services such as software development and
maintenance, managed services and information security consulting.
The company also has been the recipient of prestigious international
awards such as the Asia Insurance Industry Award for Service Provider of the
Year - 2005, Frost & Sullivan Growth Leadership Award 2005 for India ERP
Software for Small & Medium Business (SMB) and Dubai Quality
Appreciation Program award..
M.B. Battliwala
Senior General Manager
3i Infotech Limited
Akruti Centre Point, 6th Floor
M.I.D.C
Central Road
Next to Marol Telephone Exchange
Andheri (East),
Mumbai - 400 093
India
Tel 91-22-39145560
Fax
91-22-39145520
Email: corporate@3i-infotech.com
Except for the
historical information contained herein, statements in this release, which
contain words or phrases such as "will", "would", "expect", "believe", and
similar expressions or variations of such expressions may constitute
"forward-looking statements". These forward-looking statements involve a
number of risks, uncertainties and other factors that could cause actual
results to differ materially from those suggested by the forward-looking
statements. These risks and uncertainties include, but are not limited to,
the performance of the Indian economy and of the economies of our principal
international markets, the performance of the industry sectors in which our
clients are based, the performance of the information technology industry
sector world-wide, competition, our ability to obtain statutory and
regulatory approvals and to successfully implement our strategy, future
levels of our growth and expansion in business, technological
implementation, changes, advancements, and redundancies, the actual demand
for software products and services, or the future potential or feasibility
thereof, changes in revenue, income or cash flows, our market preferences
and our exposure to market risks, as well as other risks. 3i Infotech
undertakes no obligation to update forward-looking statements to reflect
events or circumstances after the date thereof.