Date:26/04/2008 URL: http://www.thehindu.com/2008/04/26/stories/2008042655431400.htm

Business

3i Infotech net improves

Special Correspondent

Signs MoU with a Chinese firm for a joint venture

BANGALORE: 3i Infotech, an IT solutions provider and software product company, reported revenues of Rs. 1,224 crore in 2007-08. Overall, revenues grew by 82 per cent over 2006-07 levels — 37.9 per cent coming from organic growth and 44.5 per cent from inorganic growth.

Post-tax profit amounted to Rs. 183 crore, a growth of 75 per cent. The company’s net margin stood at 14.9 per cent. Earnings per share registered a growth of almost 50 per cent in 2007-08, touching Rs. 13.40.

During the last quarter ended March 31, 2008, the company earned revenues of Rs. 352 crore, an increase of 67 per cent over the corresponding quarter of the previous year. The profit after tax amounted to Rs. 50 crore, up 57 per cent. In 2008-09, the company estimates revenues at Rs. 1,700 crore, implying a growth of about 40 per cent. During the last quarter, the company has signed a memorandum of understanding with Yucheng Technologies, a Chinese company specialising in providing IT solutions in the financial sector, to form a joint venture in China. The company, formerly ICICI Infotech, acquired Accounting Frameworks Ltd., a U.K.-based provider of accounting, portfolio management and front-office systems to the private equity sector in the preceding quarter.