Infinite Q2 FY 11 revenue grows 38% YoY in USD terms; PAT up by 57%

 

Bengaluru, November 2, 2010: 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 second quarter of the Fiscal 2010-11, as approved by its Board of Directors.

 

Consolidated results for the quarter ending September 30, 2010

 

–        Revenue - INR 219.4 crore; (USD 47.2 Million*) YoY growth of 38.4% in USD terms

–        PAT - INR 25.56 crore; (USD 5.50 Million); YoY growth of 57.0% in USD terms

–        EPS for the quarter -  INR 5.81

 

*Average Forex Rate: INR 46.50 = 1 USD

 

Q2 FY 11 Highlights (for the quarter ended September 30, 2010)

 

Revenue of INR 219.4 Cr. (USD 47.2 Million)

•           Y-o-Y Growth in INR terms up 32.9% and in USD terms it stood at 38.4%;

•           Q-o-Q Growth (sequential) is 13.3% in INR terms and  11.2% in USD terms

 

Operating margin of INR 36.4 Cr. (USD 7.83 Million) 

·         Y-o-Y growth in INR terms up 24.3% and in USD terms at 28.3%

·         Q-o-Q growth 14.4% in INR terms and 12.4% in USD terms  

 

Net profit after tax was INR 25.6 Cr. (USD 5.50 Million)

•          Y-o-Y Growth in INR terms was 53.0% and in USD terms it stood at 57.0%;

•          Q-o-Q Growth stood at 5.0% in INR terms and in USD terms the growth was 3.1%

 

Earnings per Share was INR 5.81

•          Q-o-Q growth up by 4.87%; while Y-o-Y growth was 32.9%

 

The Board of Directors has approved an Interim Dividend of 20% and a special dividend of 10% for this quarter.

 

Added 3 key clients during the quarter

  

•          Our top client contributed 33.1% of our revenue. Top 10 clients contributed 92.3% of our revenue.

•          We have 47 active clients. Out of which on an LTM basis, we have 13 USD 1Mn+ clients, of which three are clients with USD 20Mn+ revenue; six clients with USD 5Mn+ revenue

•          Key strategic clients added in the Telecom and Utilities Division

 

Others

•          The global headcount increased to 4178 employees

•          Net addition of 435 employees / contractors for the quarter

•          Global Attrition rate (excluding involuntary attrition and contractors) stood at 8.08% while India attrition was at 7.84%

•          Key Revenue Analysis: Telecom vertical contributed 61% of the total revenue. Healthcare contribution up to 18.63% and Manufacturing up to 6.34%; R&D/IP Leveraged revenue up to 21.6% against 18.9% in Q1; RIM revenue up to 8.9% against 8.2% in Q1. Offshore revenue up to 29.1% from 27.8% in Q1

 

 

Commenting on the results, Upinder Zutshi, MD & CEO Infinite Computer Solutions (India) Limited, said, "The quarter was very satisfying for us as the Company registered a strong growth of 38% in revenue and 57% in net profits in USD terms on a YoY basis. Revenue contribution from R&D/IP Leveraged solutions and RIM also went up this quarter which is in line with our stated goals of reducing our contribution from the more commoditized ADM space. We continue to build on enhancing our marquee client base with addition of three new clients this quarter, all of whom are giants in their respective domains.

 

He also added, "I am also extremely satisfied that we have made significant efforts in reducing our DSO which was an area of concern to us.  We will continue to focus on this key aspect as we move forward and we are confident that our sustained efforts would deliver the desired results in the long term."  

 

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