Navi Mumbai –3i Infotech Limited, a global provider of IT solutions and one of India’s mid-tier software product companies, today announced its financial results for the quarter ended June 30, 2017.
• Consolidated revenue from operations for Q1 FY2018 stood at INR 239.31 crores compared to INR 255.13 crores in Q1 FY2017. The revenue for Q1 FY2017 includes revenue from services rendered to ICICI Bank aggregating to INR 41.91 crores, which was discontinued in end July 2016.
• Operating profit for Q1 FY2018 is INR 28.63 crores vis-a-vis INR 41.16 crores in Q1 FY2017 (which included operating profit pertaining to discontinued businesses mentioned above).
• The net profit of the Company for Q1 FY2018 is INR 16.89 crores. This is before the notional charge mentioned in the following point. The corresponding figure for Q1 FY2017 was INR 27.90 crores (which includes profit pertaining to aforementioned discontinued businesses)
• As required under IND-AS 109, the Company is required to account for a notional charge on financial instruments based on fair market valuation. This applies to preference shares, FCCBs and interest free debts. This amount is INR 8.88 crores in Q1 FY2018 and INR 8.77 crores in Q1 FY2017
• Profit after tax, after the notional charge mentioned above, stood at INR 8.01 crores for Q1 FY 2018 vis-à-vis INR 19.13 crores in Q1 FY2017.
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 and Amlock.
The Company has a very strong foothold and customer base in geographies like South Asia, Middle East and Africa, 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 4800 employees in more than 20 offices across 12 countries and over 1000 customers in more than 50 countries across 4 continents.
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.
Company Name: 3i Infotech Ltd
Contact Person: Ruchira Vaidya
Phone: +91 22 71238778
Address:3rd to 6th Floors, Tower No.5, International Infotech Park, Vashi
City: Navi Mumbai