3i Infotech - Bonus Awaits You

3i Infotech - Net Jumps 88%

3i Infotech a global provider of IT solutions and one of India’s largest software product companies, announced its operating results for the quarter ended June 30, 2007.

FINANCIAL HIGHLIGHTS

Consolidated results for the quarter ended June 30, 2007:

• Revenue for the quarter was Rs 264.2 crores, a growth of 98.3% over the corresponding quarter of the previous year.


• Profit before depreciation, Interest and Tax (including other income) for the quarter was Rs 66.3 crores, a growth of 94.5% over the corresponding quarter of the previous year.


• Profit after tax for the quarter was Rs 40.3 crores, a growth of 88.9% over the corresponding quarter of the previous year.


• Earnings per share (EPS) increased to Rs 6.41 from Rs 3.68 in the same quarter of the previous year.

Commenting on the results, Mr. V. Srinivasan, Managing Director & CEO, 3i Infotech Limited said, “Our strategy of aggressive organic growth complemented by strategic acquisitions is paying rich dividends by creating a fundamentally strong business model”.

Business Highlights

During the Quarter, 3i Infotech:

• Acquired 50.5% stake in aok in-house BPO Services Limited and aok in-house Factoring Services Private Limited. These companies were acquired for their delivery capabilities in the area of credit cards and auto loans processing for the banking sector and claims processing in the insurance sector.


• Launched a new global development centre in Chennai which will focus on the enhancement and development of the company’s flagship insurance solution PREMIA, the Kastle line of banking solutions and Orion ERP solution, as well as support the company’s growth in these areas.


• Was adjudged the winner of Top Contributor in Financial Services & Insurance (FSI) Sector Award from Oracle for Independent Software Vendor (ISV) – 2006.


• Received the ‘Best Software Product` award from the Hyderabad Software Exporters Association (HYSEA) for its Anti-Money Laundering (AML) and Fraud Detection software – AMLOCK™

The Board of Directors have accepted the resignation of Ms. Madhabi Puri Buch with effect from June 1, 2007. The vacancy casued by her resignation has been filled by the Board by appointing Ms. Vishakha Mulye as a Director pursuant to Section 262 of the Companies Act, 1956.

3i Infotech - Wins Best Software Award

3i Infotech, a global provider of IT solutions and India’s fourth largest software product company*, today announced that the company’s Anti-Money Laundering (AML) and Fraud Detection software – AMLOCK™ - has been adjudged the ‘Best Software Product of 2006-2007’ by the Hyderabad Software Exporters Association (HYSEA).

The prestigious HYSEA award recognizes 3i Infotech’s innovation in product development and the growth of the company’s presence in the space of Anti Money Laundering (AML) software. The awards are audited by Ernst & Young.

Commenting on the win, Mr. Sheikh, Head – Capital Market, 3i Infotech said, “Post 9/11, global compliance standards have become increasingly important for financial institutions in order to check money laundering and run transparent businesses. Add to this RBI’s directive to Indian banks and the need for technology has become a global one. Hence, next generation solutions like AMLOCK would continue to play a pivotal role in checking and curbing money laundering practices. We are grateful to HYSEA for recognizing our efforts in this direction and will continue our endeavour to delivering best in breed technology products.”

Mr Sheikh added, “3i Infotech is a leader in Anti Money Laundering with AMLOCK being used to monitor a very significant proportion of the banking transactions in India. 3i Infotech has over 40 AMLOCK customers across the world and is connected to more than 10 global core banking systems.”

3i Infotech - Commendable Presence

3i Infotech Buys Controlling Stake In Two Companies

Global IT solution provider 3i Infotech has acquired controlling stake in two companies that will help it increase its client base and revenues from developed markets. The company has acquired 51 per cent stake each in US-based Professional Access (PA) for $12 million and Delhi-based E enable for Rs 5.11 crore.

PA is an IT solutions provider and specialises in providing e-commerce services for the banking, financial services and insurance (BFSI) and retail segment. The company is a profitable company with revenues of $24 million, 3i Infotech Managing Director and Chief Executive Officer V Srinivasan told reporters here today. 3i Infotech has a right to acquire the remaining 49 per cent stake over a two-year period. PA has around 500 employees and has a “commendable presence” in the US. “The acquisition of PS is a strategic one for us and is a valuable addition to our suite of service offerings. The company has a clientele that includes Citibank, Goldman Sachs and J P Morgan, and this will help in strengthening our presence in developed countries,” he said.

The company has also acquired E enable, a firm engaged in providing business intelligence (BI). E enable has annual revenues of $1.50 million (Rs 6.50 crore). 3i Infotech’s Chief Financial Officer Amar Chintopanth said that the US acquisition was funded from the recent foreign currency convertible bond of $70 million, while the Indian acquisition was funded from internal accruals.

Earlier, 3i Infotech had acquired Datacons, a mutual fund products company for $5 million, 51 per cent stake in BPO player Delta Services for $28 million and 100 per cent stake in London-based software products company Rhyme Systems.