3i Infotech Q4 net rises 85 per cent to Rs90.46 crore

IT solutions provider 3i Infotech has reported a net profit of Rs90.46 crore for the quarter ended 31 March, up 85.29 per cent from Rs48.82 crore it posted in the same quarter last year.

The company's revenues registered a growth of 73.4 per cent at Rs606.76 crore during the fourth quarter, as against Rs349.86 crore in the same quarter the previous year, it said in a filing with the Bombay Stock Exchange.

The board has also approved the proposal for merger of four wholly owned subsidiaries of the company with itself, the filing added.

''We have had a fairly good year both in terms of revenue and profit growth. We look forward to the year ahead with cautious optimism considering that the environment is volatile. We believe that the diversified model that we have is robust to continue to deliver good results,'' said V Srinivasan, managing director and CEO of 3i Infotech. 

For the full year, the company had revenues of Rs2,304.70 crore, representing a year-on-year growth of 88.4 per cent.

Its profit before interest depreciation and tax (PBIDT) grew 66 per cent to Rs453.48 crore, while profit after tax stood at Rs292.38 crore, (including exceptional items of Rs25.96 crore) and Rs266.42 crore (excluding exceptional items), recording a growth of 45.4 per cent over the previous year. The company's earnings per share increased to Rs19.02 from Rs13.40 in the previous year.

During the quarter, the company bought back FCCBs of the face value of $25.13  million at a price of $12.25 million and 4 million euro at a price of 1.9 million euro.

The board has recommended a dividend of 15 per cent on the face value of the equity shares.

The Indian market accounts for about a third of 3i Infotech's revenues. Sectorwise, the banking, financial services and insurance sector contribute to about two-thirds of the company's earnings in the country with the rest coming from verticals such as telecommunications and e-governance.