3i Infotech Reports Net Profit of Rs. 69.74 Cr in Q3 2008
IT News Online Staff
2009-01-23
3i Infotech Ltd. has reported revenues of Rs. 615.60 crores for its third quarter ending December 31, 2008, a growth of 90.4% over the same period of the previous year. Of this, 65.9% was inorganic growth and 24.5% organic. On a sequential basis, revenue grew by 1.4%.
Profit before depreciation, interest and tax (including other income) for the quarter was Rs. 116.78 crores, a growth of 59.9% from last year. Profit after tax for the quarter was Rs. 69.74 crores, up 40.6% from last year. Third quarter earnings per share (EPS) increased to Rs. 4.79 from Rs. 3.64 in the same quarter of the previous year.
For the nine months ending December 31, 2008, 3i Infotech posted revenues of Rs. 1,694.10 crores, a growth of 94.4% over the corresponding period of the previous year. Of this, 63.3% was inorganic growth and 31.1% organic.
Profit before depreciation, interest and tax (including other income) for the nine months was Rs. 330.60 crores, a growth of 68.2% over the corresponding period of the previous year. Profit after tax for the nine months was Rs.199.77 crores, a growth of 50.2% over last year. EPS increased to Rs. 14.23 from Rs. 9.78 in the corresponding period of the previous year.
V. Srinivasan, Managing Director and CEO, 3i Infotech, said, "The market scenario continues to be sluggish and uncertain. However, the order book that we have and the fairly de-risked business model have helped us in recording a growth in this quarter and give us the confidence towards future performance."
During its third quarter, 3i Infotech launched eMudhra Digital signatures, an initiative to stimulate secured online transactions. The company also launched I-SERV, an initiative to offer retail services in the domestic market specifically to those in rural India.
Notable wins during the company's third quarter were:
- The MEARC geography signed a deal for an e-Learning and Distance Learning Portal with Saudi Arabia's oldest and most prestigious University.
- The Regulus Group won an order from a Texas based utility service company for its remittance business.
- The APAC geography won a prestigious multi-system contract for implementation of Kastle ULS, Trade Finance and Premia Credit Insurance Solutions from a Malaysian bank, jointly promoted by the Ministry of Finance, Government of Malaysia and the Malaysian Central Bank.
- The U.S. geography won an order from a major U.S. Government Group for the eFLOW software component of J&B's solution suite.
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