3i Infotech’s revenue at INR 286.39 crores and  EBIDTA at INR 39.36 crores for Q3 FY2016

3i Infotech’s revenue at INR 286.39 crores and  EBIDTA at INR 39.36 crores for Q3 FY2016
Highlights

3i Infotech Limited, a global provider of IT solutions and one of India’s mid-tier software product companies, today announced its operating results for the third quarter ended December 31, 2015.

3i Infotech Limited, a global provider of IT solutions and one of India’s mid-tier software product companies, today announced its operating results for the third quarter ended December 31, 2015.

Financial Highlights

Operating profit of Q3 2016 is INR 39.36 crores vis-a-vis INR 39.88 crores QoQ and INR 44.56 crores YoY.
Loss at a consolidated level stood at INR 78.57 crores vis-à-vis loss of
INR Crores
Q3-FY2016
Q2-FY2016
Q3-FY2015

Net Sales/ Income from operations
286.39
292.85
319.63

Employee benefit Expenses
159.93
161.67
175.53

Cost of Third Party Products / Outsourced services
57.67
56.12
59.96

Other Expenses
29.43
35.18
39.58

EBIDTA from Operations
39.36
39.88
44.56

Foreign Exchange Loss / (Gain)
12.94
25.32
20.43

Other Income
0.64
1.67
1.38

Profit before Interest, Depreciation and Tax
27.06
16.23
25.51

The revenue for Q3-FY2015 includes revenue of one of the Company’s subsidiaries,which was divested during Q3 of FY 2015.Loss after tax for the quarter stands at INR 78.57 crores, after Interest INR 46.70 crores, Depreciation INR 50.60 crores and Tax INR 8.84 crores. This is against a loss of INR 92.31 crores QoQ and INR 299.59 crores YoY.Consolidated results for the nine months ended December 31, 2015

Revenue from operations for the nine months is INR 853.84 crores as against INR 1,038.69 crores for the corresponding period of the previous year. The revenue for 9M-FY2015 includes revenue of two of the Company’s subsidiaries, which were divested during Q2 and Q3 of FY 2015. Excluding the performance of the divested subsidiaries, the revenue for 9M-FY2015 stands at INR 861.88 crores.
EBIDTA from operations is INR 109.65 crores as compared to INR 112.94 crores in the corresponding period of the previous year. Excluding the performance of the divested subsidiaries, the operating EBIDTA for 9M-FY2015 stands at INR 92.30 crores.

INR Crores-9M-FY2016 9M-FY2015

Net Sales/ Income from operations-853.84 1038.69

Employee benefit Expenses-484.16 577.05

Cost of Third Party Products / Outsourced services-162.41-206.80

Other Expenses-97.62 141.90

EBIDTA from Operations-109.65 112.94

Foreign Exchange Loss / (Gain)-46.22 8.36

Other Income-3.33 4.31

Profit before Interest, Depreciation and Tax-66.78 88.89

The revenue for 9M-FY2015 includes revenue of two of the Company’s subsidiaries,which were divested during Q2 and Q3 of FY 2015.

Loss after tax for the nine months stands at INR 244.92 crores, after Interest INR 142.47 crores, Depreciation INR 149.66 crores and Tax INR 21.65 crores. This is against a loss of INR 580.19 crores in the corresponding period of the previous year.

The Company has submitted a Debt Realignment Scheme (DRS) proposal to its Lenders which is under active consideration by the Company’s Lenders. The Company is hopeful of receiving the requisite support of its Lenders to the DRS proposal and implementing the same during Q4-FY2016. The Company is also in the process of finalizing an Offering Circular to be submitted to its FCCB Holders for restructuring its FCCBs on the lines of the discussions during the Company’s Board Meeting held on December 7, 2015.

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