3i Infotech reports first half results

October 23, 2009, Mumbai - 3i Infotech, a global provider of IT solutions and one of India’s leading IT companies and among the top 3 Indian software product companies*, today announced its operating results for the period ended September 30, 2009.

FINANCIAL HIGHLIGHTS

Consolidated results for the half year ended September 30, 2009:
• Revenue for the half year was Rs. 1,234.29 crores (USD 251.78 Mn), a growth of 14.4% over the corresponding period of the previous year.
• Profit before depreciation, Interest and Tax (including other income) for the half year was Rs.249.61 crores (USD 50.91 Mn), a growth of 16.7% over the corresponding half year of the previous year.
• Profit after tax for the half year was Rs.147.99 crores (USD 30.18 Mn), including net exceptional income of Rs.27.87 crores (USD 5.68 Mn), a growth of 13.8% over the corresponding half year of the previous year.
• Earnings per share (EPS) was Rs.8.18 as compared to Rs.9.44 in the corresponding period of the previous year.

Consolidated results for the quarter ended September 30, 2009:
• Revenue for the quarter was Rs. 632.15 crores (USD 129.65 Mn), a growth of 4.2% over the corresponding quarter of the previous year.
• Profit before depreciation, Interest and Tax (including other income) for the quarter was Rs. 126.18 crores (USD 25.88 Mn), a growth of 5.6% over the corresponding quarter of the previous year.
• Profit after tax for the quarter was Rs. 57.19 crores (USD 11.73 Mn), as against Rs. 71.93 crores (USD 16.42 Mn) in the corresponding quarter of the previous year.
• Earnings per share (EPS) was Rs. 3.83 as against Rs. 5.09 in the same quarter of the previous year.

Commenting on the results, Mr. V. Srinivasan, Managing Director & CEO, 3i Infotech, said, “Despite the tough economic environment, we have achieved a growth in our EBIDTA. The decline in profit after tax (PAT) is mainly due to increase in interest. With the funds raised from the recent QIP, we expect our debt levels to drop thereby leading to reduction in interest”.

About 3i Infotech:

3i Infotech is one of India’s leading IT companies and among the top 3 Indian Software Products Companies.* The Company provides software products and IT services (Managed IT Services, Application Software Development & Maintenance, Payment Services, Business Intelligence, Document Imaging & Digitization, Operations Outsourcing (BPO) and IT Consulting) for the Insurance, Banking, Capital Markets, Mutual Funds, Wealth Management and Government verticals. The Company services customers in over 50 countries across 5 continents. The Company's quality certifications include SEI CMMi Level 5 for Software business, ISO 9001:2000 for BPO, ISO/IEC 27001:2005 for Data Center Operations and ISO/IEC 20000-1:2005 for Data Center Management Services.

* Source: Dataquest, August 2009