Revises the revenue guidance from
25% - 30% to 40% - 45% year on year and EPS guidance from Rs 8.50-9.50 to Rs
9.20-9.60
Mumbai, January 23, 2006
- 3i Infotech Limited, a global provider of IT solutions and
services, today announced its operating results for the quarter ended
December 31, 2005.
Consolidated revenue for the quarter, at Rs.1,143.6 millions
grew 52% over the corresponding quarter of the previous year. On a
sequential basis, the revenue grew by 16%. Excluding the revenues from the
acquired companies, the revenue for the quarter grew by 43% year on year.
Consolidated revenue for the nine months
ended December 31, 2005 at Rs.3,024.6 millions, grew 44% over corresponding
period of the previous year
Profit before
interest depreciation and tax (PBIDT) for the quarter, at Rs 257.5 millions,
grew 96% on a year on year basis. The PBIDT margin during Q3FY06 is 23%
compared to 17% in the corresponding period of the previous year.
Profit before interest depreciation and tax
(PBIDT) for the nine months, at Rs. 648.5 millions, grew 81% over the
corresponding period of the previous year. The PBIDT margin during 9mFY06
works out to 21% compared to 17% in the corresponding period of the previous
year
Consolidated profit after tax for
the quarter, at Rs. 163 millions, grew 57% over the corresponding quarter of
the previous year. The consolidated profit after tax grew by 22% on a
sequential basis
Consolidated profit
after tax for the nine months, which stood at Rs. 399 millions, grew 62%
over the corresponding period of the previous year
Consolidated earning per share (EPS) for the quarter works out
to Rs. 2.7
The nine-month consolidated
EPS works out to be Rs.6.5.
The company
added 45 new clients during the quarter.
The company continued
its penetration in the BFSI products segment by recording significant wins
both in the banking space and the insurance space during the quarter. The
Company's ERP product continues its pace of growth and penetration in all
the global markets the company has its presence in.
During the quarter the Company recorded its entry into the
capital markets product space and the Anti money laundering product space
through its acquisition of SDG Software Technologies (SDG), a Hyderabad
based software product company. SDG Software Technologies is a profitable
company with annual revenues of approximately Rs 100 million.
The shareholders of the Company, have through
the postal ballot process, authorised the company to issue equity or equity
linked instruments upto 20 million equity shares, primarily to fund the
aggressive growth strategy the company has set for itself.
During the period, the Company also acquired
FormulaWare, a US-based software company which provides a robust Enterprise
Resource Planning (ERP) solution for the process manufacturing industry,
with special emphasis on the chemical and paint segments. FormulaWare Inc.
has over 25 years of experience in providing business management software to
clients
Based on the robust growth the company is witnessing,
it revises its guidance of revenue growth from 25% - 30% to 40% - 45% for
the year and the EPS from between Rs.8.50 -.9.50 to Rs 9.20-9.60.
Commenting on the third quarter's financial performance, Mr. V.
Srinivasan, Managing Director & CEO, 3i Infotech Limited said, "We are
pleased to announce that we have had an excellent quarter and the same is
reflected in our results. The recent strategic acquisitions of Innovative
Business Solutions, Formulaware and SDG Software have strengthened our value
proposition further in the verticals we operate in. I am confident that with
our continued efforts and strong performance we will continue to
consistently create value for our stakeholders and clients."
Mr.
Hari Padmanabhan, Executive Director, 3i Infotech Limited said, "In the
quarter we have added over 40 clients globally. We have made inroads with
our Banking products in vast markets like Central Europe, Asia Pacific,
others, and I believe this testifies our effectiveness in understanding and
addressing local customer requirements around the world."
Mr.
Manoj Kunkalienkar, Executive Director, 3i Infotech Limited said, "3i
Infotech has showcased healthy growth in its services business. We are keen
on expanding our offerings in the Enterprise Application Integration (EAI),
Business Intelligence (BI) and Security Consulting space and I am confident
that acquisition of Innovative Business Solution is the step in the right
direction."
The Board appointed Ms Madhabi Puri Buch as an
Additional Director on the Board. Ms Madhabi Puri Buch is currently Senior
General Manager at ICICI Bank Limited.
3i Infotech Limited ( www.3i-infotech.com ) provides
information technology solutions through its range of solutions for Insurance , banking & finance , e-governance , manufacturing
, retail & distribution . Its
software business is SEI CMM Level 5
compliant and is ISO 9001:2000 certified for its Infrastructure
Services.
Using its domain knowledge and through continuous
investment in technologies, 3i Infotech Limited helps corporations in their
businesses through its expertise in enterprise-class software solutions,
software services, information security consulting, IT infrastructure and
disaster recovery solutions.
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",
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.