3i Infotech’s revenue at INR 292.85 crores and EBIDTA at INR 39.88 crores for Q2 FY2016

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Performance in Q2 2016; EBITDA up 31% Q-o-Q

Published On: 2015-10-23

Mumbai – October 23, 2015 - 3i Infotech Limited, a global provider of IT solutions and one of India’s mid-tier software product companies, today announced its operating results for the second quarter ended September 30, 2015.

FINANCIAL HIGHLIGHTS

Operating profit of Q2 2016 is INR 39.88 crores vis-a-vis INR 30.39 crores QoQ and INR 41.07 crores YoY.
Loss at a consolidated level stood at INR 92.31 crores vis-à-vis loss of INR 74.02 crores QoQ and loss of INR 177.87 crores YoY.

Consolidated results for the quarter ended September 30, 2015

Revenue from operations for the quarter is INR 292.85 crores as against INR 274.59 crores in the immediately preceding quarter and INR 355.47 crores for the corresponding period of the previous year. However, the revenue for corresponding quarter of the previous year includes revenue of two of the Company’s subsidiaries, which were divested during Q2 and Q3 of FY 2015. Excluding the performance of the divested subsidiaries, the revenue for Q2-FY2015 stands at INR 297.85 crores.
EBIDTA from operations is INR 39.88 crores as compared to INR 30.39 crores in the immediately preceding quarter and INR 41.07 crores in the corresponding quarter of the previous year. Excluding the performance of the divested subsidiaries, the operating EBIDTA for Q2-FY2015 stands at INR 38.08 crores.

			INR Crores
	Q2-FY2016	Q1-FY2016	Q2-FY2015
Net Sales/ Income from Operations	292.85	274.59	355.47
Employee benefit expenses	161.67	162.57	191.31
Cost of third party products/ outsourced services	56.12	48.63	74.19
Other Expenses	35.18	33.00	48.90
EBIDTA From Operations	39.88	30.39	41.07
Foreign Exchange Loss/ (Gain)	25.32	7.93	7.14
Other Income	1.67	1.03	1.58
Profit before Interest, Depreciation and Tax	16.23	23.49	35.51

The revenue for Q2-FY2015 includes revenue of two of the Company’s subsidiaries, which were divested during Q2 and Q3 of FY 2015.

Loss after tax for the quarter stands at INR 92.31 crores, after Interest INR 46.83 crores, Depreciation INR 49.65 crores and Tax INR 13.19 crores. This is against a loss of INR 74.02 crores QoQ and INR 177.87 crores YoY.

Consolidated results for the half year ended September 30, 2015

Revenue from operations for the half year is INR 567.44 crores as against INR 719.05 crores for the corresponding period of the previous year. The revenue for H1-FY2015 includes revenue of two of the Company’s subsidiaries, which were divested during Q2 and Q3 of FY 2015. Excluding the performance of the divested subsidiaries, the revenue for H1-FY2015 stands at INR 570.10 crores.

EBIDTA from operations is INR 70.27 crores as compared to INR 68.38 crores in the corresponding period of the previous year. Excluding the performance of the divested subsidiaries, the operating EBIDTA for H1-FY2015 stands at INR 48.97 crores.

		INR Crores
	H1-FY2016	H1-FY2015
Net Sales/ Income from Operations	567.44	719.05
Employee benefit expenses	324.24	401.53
Cost of third party products/ outsourced services	104.75	146.84
Other Expenses	68.18	102.30
EBIDTA From Operations	70.27	68.38
Foreign Exchange Loss/ (Gain)	33.25	7.94
Other Income	2.70	2.93
Profit before Interest, Depreciation and Tax	39.72	63.37

The revenue for H1-FY2015 includes revenue of two of the Company’s subsidiaries, which were divested during Q2 and Q3 of FY 2015.

Loss after tax for the half year stands at INR 166.33 crores, after Interest INR 95.77 crores, Depreciation INR 99.05 crores and Tax INR 12.81 crores. This is against a loss of INR 280.60 crores in the corresponding period of the previous year.

The Company has approached its lenders and FCCB Holders with a proposal for comprehensive realignment of debt and right sizing of its Balance Sheet and the same is under consideration from them. The Company has requested the Lenders and FCCB Holders to evaluate the same and convey their decision in the matter by end November 2015.

ICICI Bank has withdrawn its present nominee Mr. K M Jayarao, from the Board of the Company.

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, China, 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 8500 employees in more than 20 offices across 12 countries and over 1000 customers in more than 50 countries across 5 continents.