3i Infotech Q3 net up 40.6 p.c

BANGALORE, INDIA: 3i Infotech, a global provider of IT solutions, today announced its operating results for the third quarter that ended December 31, 2008. It recorded a net profit of Rs.69.74 crore, a growth of 40.6 per cent over the corresponding period of the previous year, said a press release.

The company posted a revenue of Rs.615.60 crore that was up by 90.4 per cent over the corresponding period of the previous year. On a sequential basis, revenue was up by 1.4 per cent.

The earnings per share (EPS) rose to Rs.4.79 from Rs.3.64 in the same quarter of the previous year, it added.

V. Srinivasan, managing director and CEO, 3i Infotech, said, “The market scenario continues to be sluggish and uncertain. However, the order book that we have and the fairly de-risked business model have helped us in recording a growth in this quarter and give us the confidence towards future performance”.

The company also posted the results for the nine months that ended on December 31, 2008. It recorded a net profit of Rs.199.77 crore for nine months, that was up 50.2 per cent over the corresponding period of the previous year.

The revenue for nine months was recorded as Rs.1,694.10 crore, with a growth of 94.4 per cent Y-o-Y, while the EPS rose to Rs.14.23 from Rs.9.78 Y-o-Y.

During the reporting quarter, the company announced that it would launch, eMudhra Digital signatures, an initiative to stimulate secured online transactions.