Mumbai: Mumbai-based global information technology company 3i Infotech Ltd reported a widening of its net loss by 24% to Rs102.70 crore in the quarter ended 30 June, compared to a net loss of Rs82.81 crore in the year-ago period. On a sequential basis, the company’s net loss widened by 0.27% in the quarter, compared to a net loss of Rs102.42 crore in the three months ended 31 March.

As per the company’s balance sheet posted on the BSE, net loss widened primarily on account of higher employee expenses, depreciation and a doubling of third-party product outsourcing costs to Rs72.65 crore in the June quarter, compared to Rs38.29 crore in the year-ago period. Other income for the company also fell drastically by 96.5% to Rs1.35 crore in the quarter, compared to Rs39.47 crore in the year-ago period.

3i Infotech’s revenues for the June quarter rose 20.9% to Rs363.58 crore, compared to Rs300.52 crore in the year-ago period. On a sequential basis, revenues rose 8.6% compared to Rs334.70 crore in the March quarter.

The results were reported after market hours.

3i Infotech’s shares closed 4.15% down to Rs9.23 apiece, while the benchmark Sensex index closed 0.55% down to 26,126.75 points.

Close