New Delhi, April 20, 2008
Financial Chronicle MintThe Hindu Business Line Business Standard
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 Rs 2,200-Rs 2,300 crore for 2008-09 fiscal, banking on its transaction based business model.
"We feel we can meet our guidance level of Rs 2,200-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, said.
ICICI Bank holds 39 percent stake in the firm, LIC has seven percent, Emirates Bank has four percent stake, while the rest is held by MFs and public.
The company's scrip was down marginally at Rs 39.50 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 Rs 70 crore on revenues of Rs 616 crore. On April 24, it will announce its Q4 result. It earns about 45 percent revenue from the US and 27 percent from India.
The company had upped its outlook for 2008-09 to Rs 2,200-Rs 2,300 crore topline and sees earnings per share between Rs 14 and Rs 14.50.
Its original guidance estimated earnings at Rs 13-Rs 13.5 a share, while revenue was seen rising 40 percent to Rs 1,700 crore. Recently, the IT company repurchased a part of its foreign currency convertible bonds.
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