3i Infotech reports first quarter results

Revenue grows by 6.8% to Rs. 643.37 crores (USD 140.70 Mn) and profit to Rs. 62.06 crores (USD 13.57 Mn) for the first quarter FY 2010-11

Online PR News – 28-July-2010 – – 3i Infotech reports first quarter results
Revenue grows by 6.8% to Rs. 643.37 crores (USD 140.70 Mn) and profit to Rs. 62.06 crores (USD 13.57 Mn) for the first quarter FY 2010-11
Mumbai, July 27, 2010: 3i Infotech, a global provider of IT solutions and one of India’s largest software product companies*, today announced its operating results for the first quarter ended June 30, 2010.
Consolidated results for the quarter ended June 30, 2010
Revenue for the quarter was Rs. 643.37 crores (USD 140.70 Mn), representing a growth of 6.8% from the corresponding quarter of the previous year. On a sequential basis, the revenue grew from Rs.632.60 crores (USD 137.41 Mn) in Q4 FY10 to Rs. 643.37 crores (USD 140.70 Mn) in the current quarter.
Profit before interest depreciation and tax (PBIDT) grew by 5.6% to Rs. 130.32 crores (USD 28.50 Mn) over the corresponding quarter of the previous year. In Q4 FY10, PBIDT was at Rs.128.17 crores (USD 27.84 Mn)
Profit after tax and before minority interest stood at Rs. 62.06 crores (USD 13.57 Mn), representing a net margin of 9.6%
Earnings per share (EPS) for the current quarter is at Rs. 3.12 against Rs. 4.36 in the same quarter of the previous year. The current quarter EPS is on the expanded capital base arising out of the equity issuances.

Commenting on the results, Mr. V. Srinivasan, Managing Director & Global CEO, 3i Infotech Limited, said, “Though there has been a noticeable increase in IT spending, cost effective and comprehensive solutions are still a priority for the customers. It has been our constant endeavor to customize our services to keep pace with the changing demand patterns and I am confident that our flexibility will be our driver for growth even in the current competitive environment.”
Re-constitution of Board Committees
The Board Governance Committee has been re-constituted as follows:
Mr. Hoshang N. Sinor, Chairman; Mr. Bruce Kogut and Mr. Dileep Choksi as Members
The Fund Raising & Acquisitions Committee has been re-constituted as follows:
Mr. Hoshang N. Sinor, Chairman; Mr. Ashok Jhunjhunwala Mr. Bruce Kogut and Mr. Samir Mitter as Members

About 3i Infotech:
3i Infotech (www.3i-infotech.com) provides software products and IT services for the Manufacturing, Retail & Distribution; Banking, Financial Services & Insurance (BFSI); and Government verticals. The Company's quality certifications include ISO 9001:2008 for BPO, ISO/IEC 27001:2005 for Data Centre Operations and ISO/IEC 20000-1:2005 for Data Centre Management Services. The Company has embarked on re-appraisal under SEI CMM ML 5 for all of its major software development centres in India.
By 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, system integration services, IT infrastructure and Disaster Recovery solutions. 3i Infotech services over 1500 customers in more than 50 countries across five continents.
* Source: Dataquest, August 2009
For more information, please contact:
M.B. Battliwala
Senior General Manager and
Head - Global Marketing & Public Relations
3i Infotech Limited
Akruti Centre Point, 6th Floor
M.I.D.C Central Road
Next to Marol Telephone Exchange
Andheri (East), Mumbai - 400 093
Tel: 91-22-39145560
Fax: 91-22-39145520
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.