3i Infotech rose 1.06% to Rs 43 the company, in a consortium with two other firms, bagged the 'Wi-Fi Monetisation Project' from RailTel Corporation of India.
The company said that a consortium of 3i Infotech, Forensics Intelligence Surveillance and Security Technologies (FISST) and and Yellow Inc, have been awarded Wi-Fi Monetisation Project by RailTel Corporation of India, with 3i Infotech being the lead bidder.
The WiFi Monetisation Project will monetize one of the biggest captive free public wifi network in the world, covering more than 6102 railways stations across India with per day current user base of 1.1 million. The objective of said project is to create media platform having measurable and physical footprint across every corner of the country, reaching out to next 200 million digital consumers.
The WiFi Monetisation Project is a strategic fit towards expanding 3i Infotech's edge computing capabilities by building edge application, edge analytics, edge security. Edge application is the super app which will be developed by the company for the WiFi Monetisation Project. This would enable it to expand our business in the telecom/ media/ entertainment vertical as the company forays into media technology.
"Minimum revenue potential from the WiFi Monetisation Project is estimated to be Rs 250 crore, spread across five years, the company said in a statement.
For pursuing the WiFi Monetisation Project, the board of directors of the company, at its meeting held on 16 December 2022, has approved formation of subsidiary company, it added.
3i Infotech has been committed to driving business value across multiple industry verticals. The company has emerged as a leading name in propelling the current wave of digital transformation initiatives, with deep domain expertise across BFSI, healthcare, manufacturing, education, telecom, media & entertainment, retail and government sectors.
The company reported a consolidated net profit of Rs 17.11 crore in Q2 FY23 as against a net loss of Rs 23.09 crore in Q2 FY22. Net sales grew marginally to Rs 177.13 crore in Q2 FY23 as compared to Rs 175.82 crore in Q2 FY22.
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