Consolidated PAT at Rs. 104.5 crores up 81.2%
Announces a bonus
issue of 1:1
Mumbai - April 25, 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 and year ended March 2007.
Consolidated results for the year ended March 31, 2007
- Revenue
for the year was Rs. 670.8 crores, representing a YoY growth of 58.2%.
- Profit before interest depreciation and tax (PBIDT) grew by 89.1%
to Rs. 174 crores.
- Profit after tax stood at Rs. 104.5 crores grew
by 81.2% over the previous year.
- Earnings per share (EPS) increased
to Rs. 17.98 from Rs. 9.51 in the previous year, representing a growth of
89.1%.
Consolidated results for the quarter ended March
31, 2007
- Revenue for the quarter was Rs. 210.9 crores, a growth
of 73.5% from the corresponding quarter of the previous year.
- Profit before interest depreciation & tax (PBIDT) grew by 96.1%
to Rs. 53.2 crores.
- Profit after tax at Rs. 32 crores grew by 82.4%
over the corresponding quarter of the previous year.
- Earnings per
share (EPS) increased to Rs. 5.72 from Rs. 2.74 in the same quarter of the
previous year.
In view of the Company having crossed many
a milestones and as an acknowledgement of the continued support provided by
the shareholders, the Company has announced a Bonus Issue of 1:1 subject to
requisite approvals.
The Board of Directors recommended a
dividend of Rs. 2.00 per share (20% on par value of Rs.10 per share) for
fiscal 2007.
Commenting on the results, Mr. V. Srinivasan,
Managing Director & CEO, 3i Infotech Limited, said, “The year 2006-07
has been a memorable one for 3i Infotech Limited. The Company took some
strategic decisions, which will contribute to significant growth in the
coming years. These include the entry of the company in the Mutual Fund
vertical, both in the products and services space. We also launched the
first ever Insurance Business Exchange in India, expanded in the domestic
BPO space, made an entry into the UK market through a significant
acquisition and also made the first insurance product sale in that
geography.”
He added, “This year also saw the company
successfully complete two FCCB issues and maintain the impressive growth
trajectory.”
Guidance for FY08: The Company expects revenue for FY07-08 in the range of
Rs. 1000 - Rs. 1100 crores and an EPS range of Rs. 24.4 – 26.2 without
diluting for FCCBs closed before March 31, 2007 and a range of Rs. 20.1 –
21.5 fully diluted for the above FCCBs, on a pre Bonus capital.
BUSINESS HIGHLIGHTS
- Software products contributed 51% of the
operating revenues for the year as against 47% for the previous year. The
company successfully entered new spaces such as Mutual Funds and launched
the Kochi Development Center (KDC) for product research and development,
with a focus on enhancing the ‘MFund’ product suite.
- Services
contributed 49% of the operating revenues for the year as against 53% for
the previous year. Significant headway was made into the e-Governance space
in India and the US, with prestigious projects being won in these
geographies
- The Company made significant progress in the insurance
arena, with the launch of the PREMIA Insurance Broking eXchange (IBX) - a
first of its kind subscription based Internet solution for the Indian
insurance industry
- The Company also successfully launched and
priced two offerings of Foreign Currency Convertible Bonds of € 15 million
and € 30 million, both listed on the Singapore Stock Exchange and
convertible over a five-year period.
- The Company also launched its
BPO offering for the Mutual Funds business with a view to offering Registrar
& Transfer (R&T) Agency and Fund Accounting Services for this
sector.
- During the fiscal, 3i Infotech was assessed at Level 5 of
the Capability Maturity Model Integration (CMMI SE/SW version 1.1) for all
of its development centers in Mumbai after a rigorous month-long SCAMPI
assessment by KPMG.
3i Infotech’s exponential
growth during the fiscal has been driven by a mix of organic and inorganic
strategies, thus allowing the company to make an entry into new segments
such as Mutual Funds and add new solution offerings in the area of Business
Intelligence, eCommerce, Document Imaging and workflow, etc. Additionally,
this strategy has allowed the company to fill perceived gaps in its range of
offerings across the BFSI sector. Some of the companies acquired during the
fiscal are:
- UK based Rhyme Systems, a company in the area of
asset management software
- e-enable, a company engaged in Business
Intelligence
- Stex Software, a workflow and document imaging
software and associated services business
3i Infotech
received the following awards and recognition in the fiscal:
- For the second year in succession, 3i Infotech (Asia Pacific)
won the coveted "Service Provider of the Year" Award at the prestigious Asia
Insurance Industry Awards - 2006
- KASTLE Universal Lending was
ranked 2nd by International Banking Systems (IBS) in the category of Lending
Solutions
- Frost & Sullivan awarded 3i Infotech Growth Strategy
Leadership award for excellence in 2006
- 3i Infotech is the fourth
largest Indian Software Products Companies as per Dataquest*
3i Infotech is one of the top 4 Indian Software Products
Companies.* The Company provides software products and IT services (Managed
IT Services, Application Software Development & Maintenance, Payment
Services, Business Intelligence, IT Consulting, BPO, Document Imaging &
Digitization and Data Warehousing) for the Insurance, Banking, Capital
Markets, Mutual Funds and Government verticals. The company services
customers in over 50 countries across 5 continents.
3i
Infotech is SEI CMMI Level 5 compliant for its Software Services and ISO
9001:2000 certified for its IT Infrastructure and BPO services.
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.