3i Infotech Q1 net falls 58 pc to Rs 8.01 cr

IT firm 3i Infotech today reported an over 58 per cent decline in its consolidated net profit at Rs 8.01 crore for the first quarter ended June 30.
This is against a net profit of Rs 19.13 crore in the year-ago period, it said in a BSE filing.
Its total income slipped 4 per cent to Rs 246.93 crore during the April-June quarter as against Rs 257.29 crore in the year-ago period, it added.
On sequential basis, net profit was lower by almost 76 crore from Rs 34.46 crore, while total income declined 5.3 per cent from Rs 260.97 crore in the January-March 2017 quarter.

3i Infotech saw IT solutions contributing Rs 226.65 crore to revenues, while transaction services contributed Rs 12.66 crore.
"Consolidated revenue from operations for Q1 FY2018 stood at Rs 239.31 crore compared to Rs 255.13 crore in Q1 FY2017. The revenue for Q1 FY2017 includes revenue from services rendered to ICICI Bank aggregating to Rs 41.91 crore, which was discontinued in end July 2016," it said.
The Mumbai-headquartered company has over 4,800 employees and over 1,000 customers.