The Hindu Business Line : 3i Infotech Q3 net up 57 pc; raises revenue guidance

3I INFOTECH Ltd has reported a consolidated net profit of Rs 16.3 crore for the third quarter of the current fiscal, recording a 57 per cent growth over the corresponding quarter of the previous year.

Its revenues at Rs 114.36 crore grew by 52 per cent year-on-year. Mr V. Srinivasan, Managing Director & CEO, 3i Infotech Ltd, said, "The recent strategic acquisitions of Innovative Business Solutions, FormulaWare and SDG Software have strengthened our value proposition further in the verticals we operate in." The company added 45 clients during the quarter.

Buoyed by these results, the company has revised its revenue guidance from a growth of 25 per cent-to-30 per cent, to a growth of 40 per cent-to-50 per cent year-on-year.

Excluding the revenues from the acquired companies, the revenue for the quarter grew by 43 per cent year-on-year.

Consolidated revenue for the nine months ended December 31, 2005 at Rs 302.46 crore, grew 44 per cent over corresponding period of the previous year

Meanwhile, the board of directors of the company has approved the creation of a subsidiary in Kenya.

Appointments

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 Ltd.

Mr Balaji Swaminathan has decided to step down from the board due to his professional commitments. The board has accepted his resignation, effective January 23.

More Stories on : Financial Performance | Software

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page