Total revenue grows to Rs 133.22 crores from Rs 89.95 crores for the
corresponding quarter of the previous year
Consolidated PAT for the first quarter of FY07 stands at Rs 21.35
crores, up from Rs10.30 crores for the corresponding quarter of the previous
year
Mumbai - July 20, 2006 -
3i Infotech Limited, a global provider of IT solutions and services, today
announced its operating results for the quarter ended June 30, 2006.
Revenue from operations for
the quarter was Rs 128.46 crores, a growth of 45% over the corresponding
quarter of the previous year. Total revenue stood at Rs133.22 crores, as
against Rs 89.95 crores for the corresponding quarter of the previous year,
registering a growth of 48%.
Profit before
interest depreciation & tax (PBIDT) grew by 85% to Rs 34.09 crores,
representing a PBIDT margin of 22.8% (excluding other income) as against
19.2% for the corresponding quarter of the previous year. Including other
income, the PBIDT margin stood at 25.6% for the quarter as against 20.5% for
the corresponding quarter of the previous year.
Profit after tax grew to Rs 21.35 crores as against Rs 10.30
crores for the corresponding quarter of the previous year. This represents a
net margin of 16.0%, as against 11.4% in the corresponding quarter of the
previous year. Excluding other income, the net margin stood at 14.0% for the
quarter as against 10.5% for the corresponding quarter of the previous year.
Earnings per share (EPS) increased to Rs 3.68
from Rs 1.58 in the same quarter of the previous year. EPS excluding other
income increased to Rs 3.05 from Rs 1.37 in the same quarter of the previous
year.
Commenting on the results, Mr. V. Srinivasan,
Managing Director & CEO, 3i Infotech Limited, said, "Our business
strategy has always been to provide what the market needs. We continue to
achieve this through organic and inorganic means, both by developing and
acquiring products. This strategy has helped us in client penetration,
leading to growth, both through fresh customer acquisitions and cross
selling to existing customers. We will continue to pursue this line of
action, which will enable us to make the business model more customer
centric, leading to further growth."
- Software products
contributed 47%** of the revenues for the quarter
- Services
contributed 53%** to the revenues for the quarter
- During the
quarter 3i Infotech signed on 17 new customers for its Banking &
Insurance products, KASTLE™ and PREMIA™ respectively, including Malaysia's
Credit Guarantee Corporation and the Allied Insurance Company of the
Maldives Pvt. Ltd.
- The company added four new million dollar
clients
3i Infotech has over the years gained substantial domain expertise in
the non-voice based BPO services, having been the registrar and share
transfer agent for the ICICI Bank for several years and also having done BPO
work for the Bank's other group companies and some other banks in India. In
addition the company also has very proven domain expertise in the BFSI
vertical, having several software products for banking, insurance, mutual
funds and other capital markets related areas. Not surprisingly, over 70% of
the company's revenue is derived from the BFSI segment. To leverage all
these factors, it has been decided to pursue BPO as an important line of
business, initially in India and subsequently even globally. To facilitate
the same, the company has made a strategic investment of 51% in M/s Delta
Services (India) Pvt Ltd, which has a great deal of experience in the BPO
domain relating to the Banking & Financial Services segment. Mr. Ravi
Jagannathan, who earlier launched our UK operations, will now be based in
India and will spearhead the company's foray into the BPO space.
3i Infotech received the following additional recognitions in
the quarter:
- 3i Infotech has been adjudged the 4th largest
Indian Software Products Company for the year 2005-06. *
- For the
last two years, 3i Infotech has been among the top 2 Indian Software Product
companies in terms of revenue growth rate. *
- Services contributed
53%** to the revenues for the quarter
- CMMI Level 5 Certification:
3i Infotech's operations of Development, Maintenance, Customization and
Implementation of Software Projects, Services and Banking Products are
certified at Level 5 of CMMI Model from SEI
- ISO 27001:2005
certification: 3i Infotech has become one of the first few organizations in
India to get the ISO 27001:2005 certification for its Thane Data Center. The
Data Center currently hosts the prestigious Tax Information Exchange System
(TINXSYS), an eGovernance initiative supported by the Ministry of Finance of
the Government of India, as well as all the states and union territories
Commenting on the occasion, Mr. Hari Padmanabhan,
Deputy Managing Director, stated, "The quarter has been an eventful one for
3i Infotech both in terms of new business as well as raising quality
standards. New customers such as the KazInvest Bank, Credit Guarantee
Corporation of Malaysia and the Allied Insurance Company of the Maldives
Pvt. Ltd have reinforced 3i Infotech's leadership across regions.
Additionally, the CMMI level 5 and ISO 27001:2005 certifications continue to
attract new business and ensure that we are servicing them to the highest
standards possible."
3i Infotech ( www.3i-infotech.com ) is one of the
top 4 Indian Software Product Companies,* and for the last 2 years has had
the distinction of being among the 2 fastest growing Indian Software Product
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 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.