3i Infotech, a global provider of IT solutions and one of India's largest software products companies*, today announced its operating results for the period ended September 30, 2007.
Financial HighlightsConsolidated results for the half year ended September 30, 2007:
- Revenue for the half year was Rs. 548 crores, a growth of 94.3% over the corresponding period of the previous year.
- Profit before depreciation, Interest and Tax (including other income) for the half year was Rs. 140 crores, a growth of 94.4% over the corresponding half year of the previous year.
- Profit after tax for the half year was Rs. 83 crores, a growth of 87.3% over the corresponding half year of the previous year.
- Earnings per share (EPS) increased to Rs. 6.19 from Rs. 3.79** in the corresponding period of the previous year.
Consolidated results for the quarter ended September 30, 2007:
- Revenue for the quarter was Rs. 284 crores, a growth of 90.7% over the corresponding quarter of the previous year.
- Profit before depreciation, Interest and Tax (including other income) for the quarter was Rs. 74 crores, a growth of 94.1% over the corresponding quarter of the previous year.
- Profit after tax for the quarter was Rs. 43 crores, a growth of 85.9% over the corresponding quarter of the previous year.
- Earnings per share (EPS) increased to Rs. 2.99 from Rs.1.95** in the same quarter of the previous year.
Commenting on the results, Mr. V. Srinivasan, Managing Director & CEO, 3i Infotech, said, "The results are a clear demonstration of our capability to sustain growth. This is also a reiteration of our belief that growth to be sustained, has to be balanced - a balance in offerings and across geographies. We will continue with this growth model, complemented by strategic acquisitions".
OutlookThe Company has revised its guidance for FY2008 and now expects to end the year with revenues of Rs.1,150 crores to Rs.1,250 crores and profits of Rs.165 crores to Rs.175 crores.
Business Highlights
The CompanySigned an agreement to acquire J&B Software Inc., USA, and its subsidiaries for USD 25.25 million. With the acquisition, 3i Infotech plans to penetrate J&B's blue chip BFSI customer base in the US and extend J&B's payment processing solutions to global markets
Partnered with the Government of Goa to implement the state's Integrated Information Infrastructure (I-3) Project
Acquired a strategic stake of 26% in TAXSMILE.COM India Pvt. Ltd. (Taxsmile), with a commitment to acquire a majority stake over a period. Taxsmile is a company which has launched an offering in the e-Tax filing and tax advisory space for individuals
* Dataquest July 2007 issue
** Adjusted for the Bonus issue