Infinite Computer Solutions (India) Ltd. (NSE Symbol: Infinite; BSE Scrip Code: 533154), provides technology based business process solutions, next-gen mobility solutions and product engineering services, today announced its results for the first quarter, FY 2016 – 17, as approved by its Board of Directors.
“Our quarterly revenue is in line with our guidance as we continue to execute our strategy for better engagement with clients and investing in emerging technologies. This quarter’s trend has been encouraging both from a revenue and profitability perspective. Given the progress we have made, we are embarking on certain initiatives for competitiveness to help us drive towards higher growth” said Upinder Zutshi, Managing Director & CEO, Infinite.
Key financial highlights of the Quarter
Consolidated INR results for the Quarter ended June 30th, 2016:
- Revenue INR 534.55 Crore | YoY Growth by 13.8 % | QoQ Down by 3.4 %
- EBITDA INR 47.87 Crore | YoY Growth by 25 % | QoQ Growth by 0.1 %
- PAT INR 30.39 Crore | YoY Growth by 17.9 % | QoQ Growth by 0.1 %
- EPS for Q1 FY 17 – INR 7.73
Consolidated USD results for the Quarter ended June 30th, 2016:
- Revenue USD 79.87 Million* | YoY Growth by 8.0 % | QoQ Down by 2.6 %
- EBITDA USD 7.15 Million* | YoY Down by 18.6 % | QoQ Growth by 1.0 %
- PAT USD 4.54 Million* | YoY Down by 11.9 % | QoQ growth by 1.0 %
*Average Forex Rate: INR 66.93 = 1 USD
• Quarterly results in line with our expectations and projections for this quarter
• New clients & multiple deals signed in Healthcare, Telecom and Product Engineering
• Zyter (Our Secure, Intelligent, Communication & Collaboration Platform) Awarded Gold and Silver from the “Golden Bridge Awards 2016” for Information Technology Services Innovations
• Added 20 New Clients during the quarter out of which majority to our Enterprise Messaging Services
• Signed clients to our Product Engineering business unit a world’s leading Soft drink manufacturer and Manufacturer of Clean Energy Technology products
• Signed up with a leading Healthcare company in the US to provide Healthcare Solutions
Equity Shares Buy-back through Tender Offer route:
On Aug 24, 2016, Infinite announced that its board of directors (“Board”) approved a buyback (“Buyback”) by the Company of up to 60 Lakh, fully paid-up equity shares of Rs. 10/- each of the Company (“Equity Shares”) representing 15.5% of the total paid-up Equity Share capital of the Company at a maximum price of Rs. 250/ per Equity Share (“Buyback Price”) payable in cash for an aggregate amount of up to Rs. 150 Crores (“Buyback Size”).
The Buyback Size is 24.77% of the fully paid-up Equity Share capital and free reserves as per the audited standalone balance sheet of the Company for the financial year ended March 31, 2016.
The Buyback will be conducted on a proportionate basis through the “tender offer” route as prescribed under the Securities and Exchange Board of India (“SEBI”) (Buy Back of Securities) Regulations, 1998 and the Companies Act, 2013 and rules made thereunder.
Infinite Computer Solutions (India) Ltd., (NSE Symbol: Infinite; BSE Scrip Code: 533154), provides technology based business process solutions, next-gen mobility solutions and product engineering services, specializing in the Healthcare, Banking & Finance, Telecommunications & Technology and Media & Publishing industries, for Fortune 1000 companies. Our solutions build on proprietary industrial frameworks that significantly reduce work effort and cost while providing faster go-to-market speeds and nimble responses to market dynamics, a solution we call Platformization™. Infinite has over 4,700 employees with 18 locations worldwide and 7 global delivery centers.
Established in 1999, headquartered in Bangalore, India, with an expanse across three continents, a diverse employee base and over 50 premier clients, including several leading Fortune 1000 companies. We have also been listed twice as NASSCOM’s top 20 IT Companies in India.
Safe harbour Certain statements in this release concerning our future growth prospects are forward-looking statements, which involve a number of risks, and uncertainties that could cause actual results to differ materially from those in such forward-looking statements due to risks or uncertainties associated with our expectations with respect to, but not limited to, our ability to successfully implement our strategy and our growth and expansion plans, technological changes, our exposure to market risks, general economic and political conditions in India which have an impact on our business activities or investments, changes in the laws and regulations that apply to the Indian IT services industry, including with respect to tax incentives and export benefits, adverse changes in foreign laws, including those relating to outsourcing and immigration, increasing competition in and the conditions of the Indian and global IT services industry, the prices we are able to obtain for our services, wage levels in India for IT professionals, the loss of significant customers the monetary and interest policies of India, inflation, deflation, unanticipated turbulence in interest rates, foreign exchange rates, equity prices or other rates or prices, the performance of the financial markets in India and globally, changes in Media Release Page 4 domestic and foreign laws, regulations and taxes and changes in competition in the information technology/telecommunication industries.
The Company does not undertake to update any forward-looking statements that may be made from time to time by or on behalf of the Company.
For more information, please visit us at www.infinite.com