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3i Infotech's Q1FY06 consolidated PAT up 66% to Rs 103 million and consolidated revenue up 36% to Rs 899.5 million

Mumbai – July 22, 2005 – 3i Infotech, a global provider of IT solutions and services, today announced its operating results for the quarter ended June 30, 2005.

Key Highlights for Q1FY06

• Consolidated revenue at Rs 899.5 million grew by 36% over corresponding quarter
of the previous year. On a sequential basis, the revenue grew by 10%
• EBITDA for the quarter at Rs 184.3 million grew by 67% over corresponding
quarter of the previous year. The EBITDA margin during Q1FY06 works out to
21% compared to 17% in Q1FY05. The margin expansion has been achieved
through increased gross margins owing to increased product license and AMC
contribution and a reduction in SGA percentage
• Selling, General and Administration expenses were 24% of the revenue as
compared to 25% of the revenue in Q1FY05
• Consolidated Profit After Tax at Rs 103 million grew by 66% over the
corresponding quarter of the previous year. On a sequential basis, the Profit After Tax grew by 36%
• Earning per share (EPS) for the quarter increased to Rs 1.58 as compared to EPS of Rs 1.15 in Q1FY05 (adjusted for face value change from Rs 5 to Rs 10). As the public issue proceeds were available only during the quarter, the same could be used for repayment of debt and preference capital only towards end of the quarter.
Taking into account interest / preference dividend savings, the adjusted EPS
works out to Rs 8.42 on an annualized basis.
• The company added 40 new clients in the IT solutions space during the quarter
• In the software product space, the company has won orders for each of its BFSI products during the quarter

Mr. V. Srinivasan, Managing Director & Chief Executive Officer, 3i Infotech said, "3i Infotech has seen a quarter of all round growth. The company has been able to gain higher value deals thereby leading to increased margins and enhanced future business potential. The company anticipates a growth in revenue for the full year FY 06 of 25% to 30% over the revenue in fiscal 2005, with EPS ranging from Rs 8.5 to Rs 9.5 for FY 06."

Software Products

Products contributed 45% of total revenues for the quarter due to greater penetration in existing markets. Mr. Hari Padmanabhan, Executive Director, 3i Infotech, states, “The pace at which our products are gaining acceptance justifies our investment and marketing efforts over the last few years. We are poised for greater success.”

IT Services

Services contributed 55% of total revenue with growth being driven by system
integration. Mr. Manoj Kunkalienkar, Executive Director, states, "Our experience in executing large mission critical system integration solutions has enabled us to win large deals."

About 3i Infotech Limited (Formerly ICICI Infotech Limited) 3i Infotech Limited provides information technology solutions through its range of solutions for banking, finance, insurance, e-Governance, manufacturing, retail, and distribution. The Company is SEI CMM Level 5-compliant for its software business and ISO 9001-certified for its Infrastructure Services.

Using its domain knowledge and through continuous investment in technologies, 3i Infotech Limited helps corporations in their businesses through its expertise in enterprise-class software solutions, software services, information security consulting, IT infrastructure and disaster recovery solutions. 3i Infotech serves customers in 30 countries and has a presence across 4 continents.