The Hindu Business Line : 3i Infotech Q3 net rises 70 pc

3i Infotech has reported a 69.8 per cent growth in consolidated net profit for the third quarter of the current fiscal at Rs 27.9 crore, against Rs 16.45 crore in the corresponding quarter of the previous fiscal.

The revenues grew 53.3 per cent year-on-year, amounting to Rs 171.6 crore (Rs 112 crore).

The rise in profits is due to enhanced earnings from the company's products business. "The products-services revenue mix has changed from 46:54 in the last quarter to 52:48 at present," said Mr Amar Chintopanth, Chief Financial Officer, 3i Infotech.

"While we continue to aggressively grow our existing line of products organically, we are also looking to fill gaps in our offerings through acquisitions. This two-pronged growth strategy has propelled our growth," said Mr V. Srinivasan, Managing Director & CEO.The company maintains its annual revenue guidance of Rs 620 crore-640 crore, he said. The board of directors appointed Mr Amar Chintopanth as Executive Director.

The board also passed a resolution authorising the issue of further equity shares of up to 2 crore shares (or equity-linked instruments) to raise resources from the domestic or international markets.

The company's stock fell by 1.07 per cent on the BSE today to close at Rs 276.35.

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