3i Infotech achieves turnaround, revitalizes as a next-gen IT enterprise

3i Infotech achieves turnaround, revitalizes as a next-gen IT enterprise

3i Infotech Ltd. BSE: 3IINFOTECH, 3i Infotech is a Global Information Technology company committed to Empowering Business Transformation. A comprehensive set of Banking, Financial Services and Insurance IP based software applications, coupled with a wide range of IT Services, including Application Development, Infrastructure Management, Consulting and BPO, uniquely positions the company to address the dynamic requirements of Banking, Insurance, Capital Markets, Asset & Wealth Management (BFSI), Government, Telecom and Healthcare. Our ERP vertical in addition to the above industry verticals, also offers comprehensive solutions to Manufacturing, Retail, Trading & Distribution, Enterprise, Contracting, NGOs, & Logistics. The company announced a net profit of INR 100.65 crores in FY 2017, after reporting losses for 5 consecutive years.

Comprehensive restructuring of existing debt ratio, tightened operational cash flows, prudent management of working capital, backed with aggressive cost reduction were the measures instrumental in achieving the Company’s turnaround. The company undertook ongoing measures to build confidence amongst its customers through proactive communication.

Since admittance to CDR, the Company’s business model continued to remain strong and maintained a strong operative margin in line with the IT Industry. 3i Infotech remained passionately focused on business efficiency and sustainable long term growth, spearheading a bouquet of innovative solutions that dovetail with its domain led core competence. The company re-organized itself into four business units – Banking Products, Insurance & Financial Services Products, ERP Products & IT Services across BFS, IHC, Government and Enterprise, to drive profound customer connect. The Company’s business model of a good spread between developed and emerging markets, as well as a range between IT products and IT services continued to remain intact. The restructuring gave the organization the nimbleness and flexibility to quickly grasp opportunities and implement decisions with sacrosanct TATs. Strong measures to improve delivery yielded positive results. The company actively services over 1000+ customers across 50 countries. A significant number of these customers have been with the company for more than a decade.

While the Company continues to enhance its brand in the Domestic and International markets, ongoing cost reduction and delivery synergy steps have helped sustain favorable benefits on the performance of the Company. These measures combined with comprehensive restructuring of its debt resulted in the Company declaring net profit after reporting losses for 5 consecutive years.

Speaking on the success, Padmanabhan Iyer, Managing Director & CEO, 3i Infotech said, “The Company is thankful to all its stakeholders, including its customers, lenders, investors, employees and partners, who have stood by the Company through its turnaround journey. The Company’s focus on its domain specific core competence strengthened its relationships with stakeholders, and expedited stabilization and growth of business operations. It also reinforced the acceptance in the market of the Company’s comprehensive IT solutions”

3i Infotech has initiated steps to ensure that its offerings come up the curve quickly to cater to both its traditional markets as well as the new markets it plans to penetrate. Product upgrades are being done, with the latest technology stack embedded within a modular approach, offered on the cloud environments. Equally important, Services which is a big part of our business, ride on digital transformation offerings as a key focus area for Banking, Financial Services, Insurance, Healthcare, Enterprise and Government, including Consulting, recommending appropriate solutions and partnering with the customers in building, testing & maintaining them. The combination of our Products & Services portfolio offers a one stop shop for all our active customers globally.

Digital landscape is changing the way business is conducted and is now a hard reality. It has become a growth engine for companies to survive and thrive in both B2B & B2C. Emergence of new business models are facilitating customer acquisitions and servicing through automation. Strategic long term customer engagements combined with a consistent partner led approach have significantly rejuvenated company’s relationships & thereby driving larger wallet share from active customer accounts.

To ensure it is one step ahead of the curve, the company undertook ongoing measures to build confidence amongst its customers through proactive communication. Strong consistent measures to improve delivery as well as significant cost reduction by optimizing resources and synergizing operations yielded positive results. More importantly, the Company continued focused investment on R&D for its products and services. With these measures, the company successfully mined existing customers and acquired new customer logos. There is a renewed focus on Banking, Financial Services, Insurance, Manufacturing, Retail & Distribution and Government with specialized offerings covering Islamic requirements, process streamlining, integration of distribution channels and regulatory requirements. The Company has also taken steps to rationalize as well as strengthen its talent pool in a focused manner to give an added thrust to its business growth.

In the current, constantly changing technology landscape, the Company is leveraging on its new mantra – “Consistently invest in nurturing our global workforce to drive an intense culture of innovation & thereby rendering effective domain led business solutions catering our targeted industry verticals”

Revitalizing as a future-ready IT enterprise of 2020, the Company is concentrating on –

· People: Nurturing and cherishing the talent, the company is heavily investing in true Digital experts while incorporating numerous employee enrichment initiatives across geographies. Learning interventions, reward programs, certification programs etc. are also being introduced.

· Business Verticals: The Company’s current focused verticals are Banking & Financial Services, Insurance & Healthcare, Government and Enterprise. By 2020 the company plans to mature in these verticals and augmenting the customer wallet share, by offering truly differentiated offerings to the customers.

· New Products & Solutions: Digital transformation is the theme for the company’s end-to-end solution stack & consulting frameworks. While evolving and serving as a true transformation partner to the customers, the company is focusing on customer experience and customer value management, Cloud migration, Analytics, IoT technologies, SMAC, Telematics, RPA, AI, Machine Learning, Cybersecurity and Blockchain to facilitate expansion of market reach of its customers. 3i Infotech is also geared culturally & operationally to collaborate with fintechs and leverage their solutions to fill gaps and offer composite next generation solutions to its customers and prospects.

· Growth Markets: 3i Infotech’s immediate focus is India, Africa, APAC, Middle East and US. The company plans to scale-up its footprint across all active regions and focus on UK & Europe, later in the financial year.

3i Infotech’s core strength lies in strategic engagement with customers as a true business partner offering comprehensive IT solutions predominantly IPR based products & value added services bundled with deep domain expertise catering to constantly evolving industry landscape. A razor sharp focus on the operating markets, deep domain understanding and business driven technological solutions are ingrained in the fabric of 3i Infotech. The core values practiced by the company are:

· Innovation – tradition of pursuit of excellence and constant enhancement in solutions and services rendered to our customers, consequently contributing to delight of their end customers
· Insight – the deep domain knowledge that the Company brings to its engagements, partnering in its customers’ success and growth journey and thereby earning their trust
· Integrity – strong talent pool with a culture of adherence to commitments in all aspects of its association with customers and high standards of quality and reliability

Enrichment of the complete solutions suite across Banking, Financial Services, Insurance, ERP and IT Services, for our customers across target markets, will position 3i Infotech as a constant trendsetter to cater to next-generation enterprises technological needs.