Mumbai – 3i Infotech Limited, a global provider of IT solutions and one of India’s mid-tier software product companies, today announced its operating results for the first quarter ended June 30, 2015.
FINANCIAL HIGHLIGHTS
- Operating profit of Q1 2016 expanded to INR 30.39 cr from INR 27.31 crores and INR 63.16 crores QoQ.
- Loss at a consolidated level however reduced to INR 74.02 crores from loss of INR 102.72 crores YoY and loss of INR 396.08 crores QoQ.
Consolidated results for the quarter ended June 30, 2015
- Revenue from operations for the quarter is INR 274.59 crores as against INR 363.58 crores for the corresponding period of the previous year and INR 305.31 crores in the immediately preceding quarter. The revenue for Q1-FY2015 includes revenue of two of the Company’s subsidiaries, which were divested during Q2 and Q3 of last year.
- Profit before interest, depreciation, tax and exceptional items is INR 23.49 crores as compared to INR 27.87 crores in the corresponding quarter of the previous year and INR 88.27 crores in the immediately preceding quarter.
| Q1-FY2016 | Q4-FY2015 | Q1-FY2015 | |
| INR Crore | INR Crore | INR Crore | |
| Net Sales / Income from operations | 274.59 | 305.31 | 363.58 |
| Employee benefit expenses | 162.57 | 145.88 | 210.22 |
| Cost third party products / outsourced services & bought out items | 48.63 | 72.54 | 72.65 |
| other Expenses | 33.00 | 23.73 | 53.40 |
| Foreign Exchange Loss / (Gain) | 7.93 | 24.99 | 0.79 |
| Other Income | 1.03 | 0.12 | 1.35 |
| Profit before interest, Depreciation and Tax | 23.49 | 88.27 | 27.87 |
The revenue for Q1-FY2015 includes revenue of two of the Company’s subsidiaries, which were divested during Q2 and Q3 of last year.
- Loss after tax for the quarter stands at INR 74.02 crores, after interest INR 48.94 crores, Depreciation INR 49.40 crs, Tax INR (0.38) crores. This is against a loss of INR 102.72 crores YoY and a loss of INR 396.08 crores QoQ.
Over the last five quarters the operations of the company have stabilized sufficiently to demonstrate consistent operating results which the Board believes is sustainable, based on the fact that company continues to acquire customers and retains the support of its existing customers. The company, however, continues to be adversely impacted by the high debt burden. This stands at INR 2,400 crores. The Board of Directors has advised the management to work with the lenders on restructuring / realigning the debt with a view to sustain long term viability of the Company.
This is to inform that Ms. Sarojini Dikhale has been appointed as an Additional Director on the Board of the Company with immediate effect i.e. July 28, 2015. With her qualification and immense experience in the BFSI sector, her presence on the Board would benefit the Company immensely and would at the same time provide the much needed diversity.
About 3i Infotech
Incorporated in 1993, 3i Infotech (www.3i-infotech.com) is a public global Information Technology company committed to Empowering Business Transformation. A comprehensive set of IP based software solutions (20+), coupled with a wide range of IT services, uniquely positions the company to address the dynamic requirements of a variety of industry verticals, predominantly Banking, Insurance, Capital Markets, Asset & Wealth Management (BFSI). Furthermore it offers solutions to the government, manufacturing, retail, distribution, telecom and healthcare sectors. Among its repertoire of IPR based solutions the flagship products of the Company are Premia, MFund, Orion, Kastle ULS, Amlock and RhymeSight..
The Company has a very strong foothold and customer base in geographies like South Asia, Middle East and Africa, China, Asia Pacific, Kingdom of Saudi Arabia and North America.
The Company is also focused on value added services such as business intelligence & analytics services, infrastructure management services, testing & compliance, application development & maintenance, consulting and its BPO offerings.
The Company, headquartered in Mumbai, India has over 8500 employees in more than 20 offices across 12 countries and over 1000 customers in more than 50 countries across 5 continents.
