3i Infotech net loss widens to Rs 396 cr

Mid-sized IT company 3i Infotech today reported widening of losses to Rs 396.08 crore for the March quarter on impairment loss provision of Rs 350 crore.
The company recorded a loss of Rs 102.13 crore in the corresponding quarter a year-ago.
Its consolidated revenue also dipped to Rs 305.31 crore from Rs 334.70 crore in the year ago period.
Meanwhile, in a statement to the BSE, the company said, Charanjit Attra executive director in charge of new business initiatives, strategy and finance has quit.
As per reports, ICICI Bank had recently trimmed its stake in the company to about 6 per cent from 18.7 per cent.

The Navi Mumbai-headquartered company was in the black in terms of pre-tax profit at Rs 30.68 crore as against Rs 60.39 crore loss in the corresponding period.

Forex losses jumped to Rs 24.99 crore compared with Rs 3.88 crore in the year ago period, but it was an "exceptional item" of Rs 357.50 crore, which hurt its bottomline.
"Exceptional items substantially include impairment loss provided on a prudent basis at Rs 350 crore," it said.
The scrip on the BSE ended 4.73 per cent higher at Rs 2.88.