On generative AI, they will build tech that will complement or coexist with the existing tech
3i Infotech Limited (BSE: 532628, NSE: 3IINFOLTD), a leading digital transformation and technology solutions provider company, announced its consolidated financial results for the fourth quarter and the full year of FY23 ended March 31st, 2023. The company reported consolidated revenue of Rs 729.1 crore in FY23 with 7.7% YoY and 4.5% QoQ growth. Having onboarded 46 new logos in FY23, the company has good visibility for confirmed order books which will be supplemented with new wins as we go through the year. Leveraging its new products and technologically powered platforms, 3i Infotech’s revenue mix is shifting from classic enterprises to next-generation businesses.
Moving forward in the next financial year, 3i Infotech is committed to creating highly customised, country-specific business models that will deliver significant value at the right price. It will focus on driving on-shore, high-margin business using sovereign cloud-led digital insights and AI-enabled services. 3i Infotech will also leverage its investments in its NuRe branded platforms and products to solve business problems and drive outcomes for clients. By providing complementary services that coexist with legacy systems, the company will enable customers to monetize and extract the fullest value from their assets and reduce Capex spending during the downturn. In addition to its traditional BFSI focus, 3i Infotech will also target mid-tier companies in the Telecom Media Entertainment (TME), manufacturing, and healthcare verticals.
Globally, the Company has reported growth with its initiatives towards building the sales channel, optimizing costs, and investing in value-led processes. Cognitive Computing, FutureTech and Centre of Excellence by 3i Infotech will see an enhanced global outreach in the upcoming financial year.
Commenting on the Q4 FY23 results, Mr Thompson P. Gnanam, Managing Director, and Global CEO, of 3i Infotech Limited, said, “We are delighted to report steady in-line financial results for Q4 FY23; our growth has been driven by a combination of strategic investments in new service lines with focused execution, as well as an unwavering commitment to our clients. Despite the challenging global environment, we have significantly increased our revenue share. We have made some important investments in new service areas such as NuRe Edge in FY23. The new 3i Infotech is poised to take advantage of the rapidly changing global economic landscape by leveraging its agility and nimbleness as a challenger”.
“On the generative AI front, the company will build technology that will complement or coexist with the existing commercially available tech like ChatGPT instead of creating its variant. 3i Infotech believes in the value of leveraging the AI powered technology responsibly by balancing the capitalist and socialist standpoints. Instead of jumping on to the bandwagon, 3i Infotech aims to lead by example for responsible tech”, he added.
Key Highlights of the Consolidated Financial Performance
· Total Revenue was Rs 729.1 crore in FY23, a growth of 7.7% YoY
· PBT was Rs 9.4 crore in FY23
· Net cash stood at Rs 60.6 crores
Other Business Highlights
· In FY23, Application-Automation-Analytics (AAA) was one of the highest revenues’ contributors with Rs 520.8 crore followed by IMS revenues of Rs 98.2 crore
· Our new line of business CloudFirst has very good growth with order book of Rs.30 crore
· FY23 Revenues for US and India was Rs 370.6 crore and Rs 267.3 crore respectively
· Top 20 clients in FY23 contributed Rs 281.3 crore which is 39% of our total revenues
Key Business Announcements
· Won the first B2B2C deal of RailTel, offering Wi-Fi monetization on the Rail station network with a potential deal size of Rs. 1000 crore over a 5-year period
· With Oracle COE at Tirunelveli being operational & billable paved the way to win the Oracle Transformation deal – SBI General in Digital Nextgen service line.
· Digital IMS (DIMS) has grown with revenue of Rs. 98.2 crore, and 18 new logos added to its bucket with HPCL, IOCL, Dhanalaxmi Bank, etc. in FY23
· Bamboo Rose, A lifestyle organization extended Cloud COE Azure CSP & MSP Project for 3 years
· FutureTech, in collaboration with IIT Madras, is involved in deep tech R&D, especially in Computer Vision, NLP and Audio to solve business challenges in healthcare.
· Conducting behavior analytics for Universities in UK & co-developing CXO Cockpits for Primary & Tertiary Healthcare in the UK
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