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Mumbai - October 22, 2008 - 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, 2008.

FINANCIAL HIGHLIGHTS

Consolidated results for the half year ended September 30, 2008:

• Revenue for the half year was Rs.1078.49 crores, a growth of 96.8% over the corresponding period of the previous year. Of this, 57.9% was inorganic growth and 38.9% organic.
• Profit before depreciation, Interest and Tax (including other income) for the half year was Rs.213.80 crores, a growth of 73.1% over the corresponding half year of the previous year.
• Profit after tax for the half year was Rs.130.04 crores, a growth of 56% over the corresponding half year of the previous year.
• Earnings per share (EPS) increased to Rs.9.44 from Rs.6.19 in the corresponding period of the previous year.

Consolidated results for the quarter ended September 30, 2008: 

• Revenue for the quarter was Rs.606.87 crores, a growth of 113.7% over the corresponding quarter of the previous year. Of this, 74.6% was inorganic growth and 39.1% organic.
• On a sequential basis, revenue grew by 28.7%, of which 20.2% was inorganic growth and 8.5% organic
• Profit before depreciation, Interest and Tax (including other income) for the quarter was Rs.119.51 crores, a growth of 84.1% over the corresponding quarter of the previous year.
• Profit after tax for the quarter was Rs.71.94 crores, a growth of 67.1% over the corresponding quarter of the previous year.
• Earnings per share (EPS) increased to Rs.5.09 from Rs.2.99 in the same quarter of the previous year.

Commenting on the results, Mr. V. Srinivasan, Managing Director & CEO, 3i Infotech, said, “We believe that in spite of challenging times, our steady performance is due to 3i Infotech’s unique balance and variety of products and services across geographies. This spread of revenues is able to give the organisation the resilience and power to withstand global financial turbulence and continue on its growth path."

Outlook
Based on the half yearly results of operations, the Order Book as on September 30, 2008 and accounting for business from Regulus, (the latest acquisition in the US), the Company revises the outlook for the year 2008 – 09 as Revenues of between Rs.2,200 – Rs.2,300 crores and EPS fully diluted for FCCBs of between Rs.14.00 – Rs.14.50.

BUSINESS HIGHLIGHTS
During the Quarter,

• 3i Infotech:
  • Opened an office in Dhaka, to cater to the financial and insurance needs of the sectors of Bangladesh.
• Notable wins were:

  • The US geography signed up a new partnership with a leading imaging and workflow management solutions company having a base of around 450 insurance clients

  • The APAC geography won a deal for Premia with a major player in non-life insurance for managing their country wide operations

  • The MEARC geography won an order for our Kastle product for setting up a Central Processing Centre for one of the largest commercial banks in West Africa

  • The WE geography signed a deal with one of the world’s leading financial firms for private equity solutions

  • The SA geography continued its growth in e-Governance and has won many deals in this area

About 3i Infotech

3i Infotech is one of India’s leading IT companies and among 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, Document Imaging & Digitization, Operations Outsourcing (BPO) and IT Consulting) for the Insurance, Banking, Capital Markets, Mutual Funds, Wealth Management 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, ISO 9001:2000 for its BPO Services and ISO 27001:2005 certified for its Infrastructure Services.

* Dataquest

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
E-mail: corporate@3i-infotech.com

Disclaimer
Except for the historical information contained herein, statements in this release, which contain words or phrases such as "will", "would", etc., 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 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.