Infinite Q1FY11 revenue grows 38% YoY in $ terms; PAT up by 30%
Infinite Computer Solutions (India) Limited (BSE: 533154, NSE: INFINITE), a global provider of IT Services, Infrastructure Management Services (IMS) and Intellectual Property (IP) Leveraged Solutions, today announced its results for the first quarter of the Fiscal 2010-11, as approved by its Board of Directors.
Consolidated results for the quarter ending June 30, 2010
- Revenue - INR 197.4 crore; (USD 43.2 Million*) YoY growth of 37.6% in USD terms
- PAT - INR 24.4 crore; (USD 5.33 Million); YoY growth of 30.0% in USD terms
- EPS for the quarter - INR 5.54
*Average Forex Rate: INR 45.67 = 1 USD
Q1 FY 11 Highlights
Revenue of INR 197.4 Cr. (USD 43.2 Million) for the quarter ended June 30, 2010
- Y-o-Y Growth in INR terms up 29.3% and in USD terms it stood at 37.6%;
- Q-o-Q Growth (sequential) is 5.4% in INR terms and 5.9 % in USD terms
Operating margin of INR 35.5 Cr. (USD 7.76 Million) for the quarter ended June 30, 2010
- Y-o-Y growth in INR terms up 29.4% and in USD terms at 38.6%
- Q-o-Q growth 20% in INR terms and 21.3% in USD terms
Net profit after tax was INR 24.4 Cr. (USD 5.33 Million) for the quarter ended June 30, 2010
- Y-o-Y Growth in INR terms was 21.7% and in USD terms it stood at 30%;
- Q-o-Q Growth stood at 10.6% in INR terms and in USD terms the growth was 11.1%
Earnings Per Share was INR 5.54 for the quarter ended June 30, 2010
- Q-o-Q growth up by 6.44%; while Y-o-Y growth was 5.84%
Added 3 key strategic clients and 4 total clients during the quarter
- Our top client contributed 38.7% of our revenue. Top 10 clients contributed 92% of our revenue.
- We have 55 active clients. Out of which on an LTM basis, we have 13 USD 1 Mn+ clients, of which three are clients with USD 20M+ revenue; five clients with USD 5Mn+
- Key strategic clients added in the Telecom and Utilities Division
Others
- The global headcount increased to 3743 employees
- Net addition of 425 employees / contractors for the quarter
- Global Attrition rate (excluding involuntary attrition and contractors) stood at 6.41%
- Key Revenue Analysis: Telecom contribution up to 62.1%; R&D/IP Leveraged revenue up to 18.9% against 18.2% in Q4; RIM revenue up to 8.2% against 8.0% in Q4. Offshore revenue down to 27.8% from 31.2% in Q4
Major Deals Signed
Signed a Master Services Agreement (MSA) with a leading supplier of network monitoring solutions Company, a subsidiary of a USD 13 Billion US Corporation
Signed a MSA, as a long term partner with a USD 3 Billion corporation, provider of software and services for communication, media and entertainment industry
- Infinite will use its core competence in the OSS, BSS & CRM space to support the client in the R&D capabilities
Signed an MSA with a USD 16.5 Billion communications provider and telephone exchange company in the US
- Currently engaged in a migration project
Signed an MSA with a US based Utilities provider of equipment and software for smart grid communication networks.
Commenting on the results, Mr. Upinder Zutshi MD & CEO Infinite Computer Solutions (India) Limited, said, ‘“The highlight of this quarter is the addition of three strategic clients across the telecommunication, networking and entertainment verticals. We will continue to focus on engaging with large global clients by leveraging our track record and our broad portfolio of services and intellectual property leveraged business models. Our continued focus and successful engagements with large clients has yielded results in the past and we would strive to replicate the success going forward. Our goal is to build a high growth company that is globally admired.”
He also added, “We continue to maintain our revenue guidance of INR 855 to 877 cr. and PAT of INR 99 -104 cr. for fiscal 2011 on the back of a strong performance this quarter.”
About Infinite
Infinite Computer Solutions (India) Limited is a global service provider of Infrastructure Management Services, Intellectual Property (IP) Leveraged Solutions, and IT Services, focused on the Telecom, Media, Technology, Manufacturing, Energy & Utilities and Healthcare industries. Infinite’s footprint spans several countries in four continents, offering onsite, offsite, and near-shore capabilities in major international markets. Infinite has established its presence in most of the large telecom, and IT services markets of the world, with offices at multiple locations in the U.S, U.K, India, Singapore, Malaysia, and China. The Company has also been growing its delivery centers in India at Bengaluru, Chennai, Hyderabad and Gurgaon. www.infinite.com
Disclaimer
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 statement that may be made from time to time by or on behalf of the Company.