IT major 3i Infotech today said it is on track to achieve its targeted 11-14 per cent growth this fiscal on the back of increasing IT expenditure of customers and an expanding order-book.
"The growth trend going forward looks favourable. We are on track for a 11-14 per cent growth -- we will achieve our targets," 3i Infotech's Deputy Managing Director & CFO Amar Chintopanth told PTI here.
The company clocked a 6.8 per cent growth in its Q1 FY11 revenue at Rs 643.37 crore. Profit before interest depreciation and tax (PBIDT) grew 5.6 per cent to Rs 130.32 crore over the year-ago period.
Profit after tax and before minority interest stood at Rs 62.06 crore. "The PAT is the same as last year because of taxation impact but there has been a 10 per cent increase in profit before tax," Chintopanth said.
The outlook for the remaining part of the fiscal looks healthy, he said, as customers are beginning to increase their IT spends.
"Besides, our order-book has expanded to Rs 1,730 crore in Q1 as against Rs 1,650 crore as at end-March, an addition of Rs 80 crore," he said.
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The company has two main lines of businesses -- IT solutions (services and products) and transactions services.
"IT solutions contributes 62 per cent to our business and there has been a healthy growth in the UK, Middle-East and Asian markets, while growth in transaction services, which contributes 38 per cent, has been flat, mainly on account of the markets we operate in," Chintopanth said.
Transaction services are mainly concentrated in the US where the economic recovery is yet to take place fully.
"Growth here will come through customer-acquisitions while in IT solutions, it will be through volumes as well," he said.