3i Infotech,
a global provider of IT solutions and one of India’s largest and the fastest
growing software product companies*, today announced its operating results for
the quarter and year ended March 2008.
- Revenue for the year was
Rs. 1224 crores, representing a YoY growth of 82.4 %, of which organic growth is
37.9% and inorganic growth is 44.5%
- Profit after tax and before
minority interest which stood at Rs. 183 crores grew by 75.3% over the previous
year and represents a net margin of 14.9%
- Basic Earnings per share
(EPS) increased to Rs. 13.40 from Rs. 8.99** in the previous year, representing
a growth of 49.1%.
- Revenue for the quarter was Rs.
352 crores, representing a sequential growth over the previous quarter of 8.9%
and a growth of 66.9% from the corresponding quarter of the previous year.
- Profit after tax and before minority interest which stood at Rs. 50.2
crores grew by 56.9% over the corresponding quarter of the previous year and
represents a net margin of 14.3%
- Basic Earnings per share (EPS)
increased to Rs. 3.61 from Rs. 2.86** in the same quarter of the previous
year.
Commenting on the results, Mr. V. Srinivasan,
Managing Director & CEO, 3i Infotech Limited said, “3i Infotech
continued on its growth trajectory in fiscal 2008 and achieved several
milestones on the way. The company registered healthy organic growth of 82 % in
revenues. Notable among the milestones during the year was 3i Infotech’s entry
into China through a JV with Yucheng Technologies Ltd. On the e-governance front
we are partnering with several State Governments to provide BOOT and consultancy
services for the betterment of the people in these states. We also acquired
companies in the areas of the payment processing and transaction services, to
further strengthen our suite of offerings. Thus the year 2007-08 was a very
fulfilling and satisfying one for our company and its stakeholders”.
Mr. Hari
Padmanabhan, Deputy Managing Director, has expressed his desire to retire from
the Board to pursue personal interest. The Board has accepted this. He will
continue to be on the Board till May 15, 2008. Post that, he will continue to be
associated with the Company as the Chief Strategic Advisor.
Mr. Anirudh Prabhakaran, currently Chief Operating Officer of South Asia
geography has been inducted on the Board as an Additional Director and is
designated as Executive Director & President – South Asia.
The Board has recommended an
equity dividend of Rs.1.50 per share of face value of Rs.10 each.
For the year 2008 – 09, the Company estimates revenues at around Rs. 1700
crores (about 40% over FY2007-08) with fully diluted EPS of between Rs. 13.00 –
Rs. 13.50. (as against Rs.10.25 in FY2007-08)
- The Company signed a memorandum of understanding with
China’s Yucheng Technologies Ltd., a leading provider of IT solutions and
services to Chinese banks and financial services companies, to set up a 51:49
Joint Venture in the Peoples Republic of China. Synergies between the two
companies will be leveraged to provide 3i Infotech’s award winning BFSI products
and related services to BFSI entities in China.
- The Company partnered
with Union Bank of India to implement Anti Money Laundering initiative.
- Kastle Lending Solution is being deployed by one of the oldest and 3rd
largest Bank in Singapore with assets exceeding USD 125 billion.
- Three
leading Banks in South Asia have gone in for AML products and Kastle suite.
- J&B Software secured new business wins for providing enterprise
wide payment processing solution to a major media and television company and
check and accounts payable transaction processing solution to a transportation
company.
- Premia won a multi million dollar order from a company
specializing in internet based alternate delivery channels for distribution of
its wide range of Insurance Products.
- A Washington DC based leading
provider of insurance for expatriates, international schools, multinational
businesses & relief organizations selected 3i Infotech’s Premia product.
- A Utah based Managing General Underwriter company focused on providing
specialized insurance solutions for physicians and employer groups also selected
Premia product.
- One of the oldest and most prestigious investment banks
in Kenya selected 3i Infotech’s MFUND suite solution integrated with iBOSS and
Orion for their brokerage, investment banking, portfolio management and back
office operations
- A leading Financial Services company has acquired
Rhyme’s product on a service model for a 5 year period.
- The Company won
significant deals in the South Asia region:
- State Data Centre (SDC)
Consultancy to 6 states
- Business Intelligence implementation in a large
multinational IT Company
- A large transaction services deal covering
areas like account origination & contact point
verification.
- The Company acquired Accounting
Frameworks Limited (AFL), in London. AFL is an independent provider of
accounting, portfolio management and front office systems to the private equity
sector.
3i Infotech received the following awards and
recognition in the fiscal:
- Was adjudged the winner of Top
Contributor in Financial Services & Insurance (FSI) Sector Award from Oracle
for Independent Software Vendor (ISV) – 2006
- Winner of Oracle’s UK
Technology Partner of the Year at the Oracle’s Annual Business Partner Awards
– 2007
- Oracle Corporation awarded 3i Infotech - APAC geography the
“Most Significant Deal in FY07”
- Malaysian unit of Asia Pacific
geography won “FY07 Outstanding Performer – ISV” Award from the Oracle
Corporation
- Winner of IBM Strategic Partner 2007 Award to our APAC
geography – 2007
- Received the ‘Best Software Product’ award from the
Hyderabad Software Exporters Association (HYSEA) for its Anti-Money Laundering
(AML) and Fraud Detection software – AMLOCK™
- 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
- Won the Australian Banking &
Finance - Insurance Awards 2007 for Service Provider of the Year
- Won
the prestigious “Growth Strategy Leadership Award for Mid-Market Enterprise
Application” from Frost & Sullivan, India & South Asia. This is the
third time that 3i Infotech has been recognized by F&S for its contribution
to the Indian ICT industry.
- Was ranked as the third biggest Enterprise
Application Software (EAS) vendor in the MENA region by International Data
Corporation (IDC) – a global provider of market intelligence and advisory
services after Oracle and SAP.
- Was conferred Frost & Sullivan’s
“Growth Strategy Leadership Award for Mid-Market Enterprise Application”
- Was awarded STQC’s Capability Approval Certification, the first of its
kind for an IT company in the e-Governance space.
- Was awarded winner of
Best e-Gov System Integrator 2008 at the 4th Dataquest e-Gov Summit
2008
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.
For more information, please contact:
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.