Aug 12, 2014
Bangalore, August 11, 2014: Infinite Computer Solutions (India) Ltd. (NSE Symbol: INFINITE / BSE Scrip Code: 533154), a global Information Technology service provider with expertise in IT Services, Product Engineering Services, Mobility & Messaging Platforms and Solutions, today announced its results for the first quarter, FY 2014-15, as approved by its Board of Directors.
Commenting on the results, Upinder Zutshi, Managing Director and CEO, Infinite said, “Infinite continues on its journey to build capability in next-gen technology areas and continues its focus toward becoming a ‘platformization’ company.
We have had a good margin and profitability growth in Q1 and remain in line for a strong profitability growth for FY 2014-15.”
Q1, FY 2014-15 Highlights:
Consolidated INR results for the Quarter Ended June 30th, 2014:
- Revenue – INR 389 Crore; YoY decline of 3.4% | QoQ decline of 3.7%
- EBITDA – INR 47.3 Crore; YoY growth of 13.1% | QoQ growth of 30.7%
- PAT – INR 26.8 Crore; YoY growth of 9.2% | QoQ growth of 83.4%
- EPS for the quarter – INR 6.7
Consolidated USD results for the Quarter Ended June 30th, 2014:
- Revenue – USD 65 Million*; YoY decline of 9.6% | QoQ decline of 0.5%
- EBITDA – USD 7.9 Million*; YoY growth of 6% | QoQ growth of 35%
- PAT – USD 4.5 Million*; YoY growth of 2% | QoQ growth of 90%
*Average Forex Rate: INR 59.77 = 1 USD
Highlights - Major Deals & Contracts:
Client Additions for Q1 FY15 including:
- US Based Telecom Service Provider;
- Global Retail Giant;
- APAC Based bank;
- Technology Consulting Giant;
- Indian arm of European retail bank;
- APAC based government service organization
- Global Employee Headcount at the end of the First Quarter stood at 5079 Strong; a net increase of 197 employees over the previous quarter.
- Attrition steady at 17%
Commencing on 20th June, 2013, the company has closed the buy-back on 4th June, 2014. In doing this 2,411,036 shares have been bought back utilizing funds to the tune of Rs. 22.85 Crores (of the Maximum limit of Rs. 30 crores). The average re-purchase price has been Rs. 107.96 (Maximum Re-purchase Price Limit – Rs. 120). The promoter holding now stands at 71.53% as against 67.47% prior to the buy-back commencement.
Infinite Computer Solutions (NSE Symbol: INFINITE / BSE Scrip Code: 533154) is a global Information Technology service provider with expertise in provision of IT Services, Product Engineering Services, Mobility & Messaging Platforms and Solutions.
With a global team of around 5000, we partner with Fortune 500 companies from Telecom, Healthcare, Media and Content, Energy and Utilities and Financial Services verticals helping them achieve objectives through flexible engagement models including risk-reward, revenue-share engagements, global delivery from eight delivery centers around the world, technology & domain expertise and process excellence. We leverage our expertise as well as large project execution experience for the benefit of our clients in areas such as Enterprise Mobility, Next-Generation Messaging Platforms, Big Data / Enterprise Analytics, Cloud Enablement, SoA, Optics, Switching & Routing and platform based Tech Support Services.
Infinite has been recognized by Forbes as Asia’s 200 Best-Under-a-Billion companies and appeared in the Top 5 Employers of Choice in the DQ-IDC survey. Our peers and various industry bodies have recognized us for our Mobility Platform, which includes being runners-up at Mobile Merits Awards - 2012, finalist in the CTIA Emerging Technology Awards – 2012 and a finalist in Hot Companies & Technology Award – 2012.
For more information please visit www.infinite.com
Press Contact Details:
Investor Relations Contact Details:
Aditya Chaturvedi, Head – Investor Relations
Phone: +91-(0)22-2202 6090/6190
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 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.