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3i Infotech hopes to meet revenue guidance for fiscal year 2009

3i Infotech hopes to meet revenue guidance for fiscal year 2009
PTI
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First Published: Sun, Apr 19 2009. 11 12 AM IST
Updated: Sun, Apr 19 2009. 11 12 AM IST
New Delhi: 3i Infotech, the software company in which India’s largest private sector bank, ICICI Bank, holds a majority stake, is hopeful of meeting the revenue guidance of Rs2,200-Rs2,300 crore for 2008-09 fiscal, banking on its transaction based business model.
“We feel we can meet our guidance level of Rs2,200-Rs 2,300 crore as our revenue comes from transactions based activities. Our two-third revenue comes from banking and financial services and we don’t see that changing despite the slowdown,” Anirudh Prabhakaran, ED and President of South Asia business for 3i Infotech, told PTI.
ICICI Bank holds 39% stake in the firm, LIC has 7%, Emirates Bank has 4% stake, while the rest is held by MFs and public.
The company’s scrip was down marginally at Rs39.50 on Friday.
He said many of 3i’s business are long-term in nature and it is not a people-based IT company which saves it from facing the cyclical nature of economy.
For the third quarter ending December 2008, 3i Infotech reported a net profit of Rs70 crore on revenues of Rs616 crore. On April 24, it will announce its Q4 result.
It earns about 45% revenue from the US and 27% from India.
The company had upped its outlook for 2008-09 to Rs2,200-Rs2,300 crore topline and sees earnings per share between Rs14 and Rs14.50.
Its original guidance estimated earnings at Rs13-Rs13.5 a share, while revenue was seen rising 40% to Rs1,700 crore.
Recently, the IT company repurchased a part of its foreign currency convertible bonds.
3i has 600 customers in more than 50 countries across 5 continents, spanning a range of verticals - Insurance, Financial Services, Government... Banking, Capital Markets, Mutual Funds & Asset Management, Wealth Management, Government, Manufacturing and Retail.
It has five financial products, including flagship Premia — an insurance software.
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First Published: Sun, Apr 19 2009. 11 12 AM IST
More Topics: 3i Infotech | ICICI | Revenue | Emirates Bank | LIC |