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3i Infotech Q3 net up by 57%

3i Infotech Ltd reported a 57% growth in net profit at Rs 16.3 crore for the third quarter.

india Updated: Jan 24, 2006 14:31 IST

IT solution provider 3i Infotech Ltd on Tuesday reported a 57 per cent growth in net profit at Rs 16.3 crore for the third quarter of the current fiscal as against Rs 10.38 crore posted an year ago.

Total revenues stood at Rs 114.3 crore with a 52 per cent year-on-year growth, the company said in a release.

"Excluding the revenues from the acquired companies, the revenue for the quarter grew by 43 per cent year on year" it said.

During the quarter, the company said, it had acquired two companies -- Formulaware of the US and SDG Software of Hyderabad -- and the integration has completed.

Revenues from these companies constituted nine per cent of the total revenues for the quarter, said 3i Infotech Chief Financial Officer Amar Chintopanth.

"In the quarter we have added over 40 clients globally. And we expect a similar growth rate in the current quarter as well," he said.

Going forward, Chintopanth said, the company would increasingly participate in the e-governance initiatives of various state governments.

"We are actively participated in e-governance initiatives of various state governments.. That contributed about five per cent of our total revenues for this quarter," he said.

First Published: Jan 24, 2006 14:31 IST