3i Infotech Gears Up For Growth With FY22-23 Confirmed Revenues Of Rs 760 Crore

* Targets new order book of Rs 100 Cr with GROW & BUILD lines of digital businesses  

3i Infotech Limited (BSE: 532628, NSE: 3IINFOLTD), a global Information Technology company, committed to accelerating business transformation, announced its consolidated financial results for its fourth quarter ending March 31, 2022 and for fiscal year 2021-2022 (FY22). The company reported a consolidated revenue of Rs 175.6 Cr in Q4 FY2022 reflecting a quarter-on-quarter growth of 6.0%, and FY2022 revenue of Rs 677 Cr reflecting an annual growth of 11.2%. The company shared a strong outlook for FY 22-23 with confirmed order book of Rs 760 Cr as of exit March 2022 and Rs 100 Cr new order book target for FY 22-23 with higher margin revenue mix of minimum 40/50%. 

On the business front, the company has made rapid strides as well.  In FY22, 3i Infotech has tied-up with IIT Madras to establish FutureTech (earlier NextGen) business labs taking Telecom, Manufacturing, Logistics and Healthcare as a priority sector. The company has initiated setting up of development centers in tier II / III cities and the first center would be functional in Q1 FY23. 3i Infotech has also invested in partner ecosystem for SASE, edge computing, IoT and EdTech technologies, potential growth opportunities globally in FY23. 

Key financial highlights 

EBITDA for the quarter stands at Rs 3.4 Cr, primarily due to margin improvement and cost rationalization. The company has reported positive EBITDA after more than 4 quarters of operating loss 

Consolidated PAT for the quarter is near to break-even (-Rs 3.9 Cr) which is a significant QoQ improvement with reduction in losses by Rs 18.7 Cr 

The company reported net cash of Rs 73.4 Cr in as on 31st March 2022  

FY22 America Business has grown by 11.5% to Rs 377.7 Cr from Rs 338.7 Cr in FY21. Similarly, India business grown by 16.5% to Rs 209.7 Cr from Rs 180 Cr in FY21  

From a vertical perspective, the Information Technology vertical is a major contributor in total revenue with 35.9% revenue share while Banking & Financial Services (BFS) has 28.5% revenue share in total FY22 revenues 

36.3% of our business comes from top 20 clients and we have been successful in 100% retention of our existing clients in FY22 

75.6% revenues in FY22 was contributed by Application-Automation-Analytics (AAA) line of business followed by Infrastructure Management Services (IMS) with 13.8% revenue share 

Key business updates 

3i Infotech’s has started experiencing the positive business growth in their CloudFirst business with Gross Margins of 20+%. Their NuRe cloud solutions has huge global and domestics opportunities for both cloud services as well as cognitive & edge computing 

The company’s cloud business, with its end-to-end solutions, continues to provide compelling value to its customers at most competitive benchmarks 

Platform solutions now offers C-Level intelligence services including enterprise risk management and decision-making intelligence  

In tune with the evolving tech landscape and rapid digital proliferation, the company also mentioned that it would help enterprises to be industry 4.0 ready through its service offerings. Apart from BFSI, manufacturing (SMB and midmarket), retail, telecom, media, and entertainment sectors, 3i Infotech will also keenly focus on emerging industry verticals like EdTech, agritech and greentech.  

3i Infotech will actively scale its operations across the global business region, which comprises of US, UK, Middle East, and Africa. In US, the company plans to expand its BFSI, telecom, media, and entertainment presence, and in parallel launch their SMB strategy which is NuRe led. In UK, the company wants to lead through telecom, media, entertainment, manufacturing and horizontally via background verification services etc., that are powered by blockchain. Africa is seeing a lot of traction for the company. Middle East will also see substantial expansion and acceleration. 

Announced during the last quarter, the company has made significant strides around its resident entrepreneur program, which is helping create new platforms, technologies, and IPs for various organisations. Presently, 3i Infotech has three full time resident entrepreneurs – the first one being in cognitive computing services and advanced AI that is into prescriptive and real time edge analytics; second is from the EdTech space and the third is around the cybersecurity operations/SOC space. 

Mr. Thompson Gnanam, Managing Director & Global CEO, 3i Infotech Limited said, “The last quarter has been a buoyant one for us, negating much of the past legacy issues. Now, we can manage our cost predictability much better, and we are clear on the cost structures. We will strive for maximum revenue realization of the new orders booked in FY22-23 and the new lines of businesses are expected to change the revenue / margin mix for us.  As a standalone services company, we will try to be profitable which is the first milestone for us, as we chalk out this way forward plan where we build our own platform and co-exist with services.” 

“This year, our organization structures have been drawn to separate the RUN, GROW and BUILD businesses. We are investing in the GROW business that focuses on better margin mix and will include new service lines whether it is cloud-first, digital infrastructure management services, AAA, digital testing, digital BPaaS, KPaaS and we have set it up as separate P/L units. Over a period of time, GROW will replace RUN. We have set optimization targets in RUN to ensure that GROW is funded well to build future lines of business for us. BUILD projects are capitalized and kept separately, as we are creating IPs, products and platforms and making a balanced investment,” he further added.  

Over the last two quarters, the company has forged a string of contracts and deals across verticals and geographies. Some of the recent deals include - 3i Infotech’s US subsidiary announcing a strategic investment in Exium, a pioneer in 5G powered Secure Access Services Edge (SASE) solutions; a Digital BPS transformational deal with a leading insurance company in India for Rs 12 cr; an order worth Rs. 10.58 cr across industry verticals with companies including Vishal Mega Mart Private Limited, Dhani Loans and Services Limited (formerly India bulls Consumer Finance Limited), Amara Raja Batteries Ltd, Aavas Financiers Limited, Erulearning Solutions Private Limited and Rockman Industries Limited.

About 3i Infotech Limited 

Headquartered in Mumbai, India, since inception in 1993, 3i Infotech has been committed to driving business value across multiple industry verticals. 3i Infotech, today, has emerged as a leading name in propelling the current wave of digital transformation initiatives, with deep domain expertise across BFSI, Healthcare, Manufacturing, Retail and Government sectors. The Company has over 5000 employees in 30 offices across 15 countries and over 1000+ clients in more than 50 countries across 4 continents. With a wide range of IT services, 3i Infotech has successfully transformed business operations of customers globally. The Company has a very strong foothold and client base in geographies like North America, India, Asia Pacific, Middle East and Africa, Kingdom of Saudi Arabia, and South Asia. 

Website: https://www.3i-infotech.com/ 

Vahan Recognized As Global Technology Pioneer By World Economic Forum

* The World Economic Forum announced its selection of the 100 most promising Technology Pioneers of 2022 - companies that tackle issues from sustainability and climate change to healthcare and more.

* This year’s cohort includes representation from 30 economies on six continents with a reach far beyond traditional tech hubs like Silicon Valley.

* Vahan helps over 10,000 blue collar workers per month across 200+ cities find the right job by leveraging the power of technology. Vahan is on track to become India’s largest blue-collar recruitment platform by the end of this year. 

* The full list of Technology Pioneers can be viewed here.

Vahan, a Bengaluru based startup focused on solving the employment issue of the 500 million blue-collar workers in India, has been selected among hundreds of candidates as one of the World Economic Forum’s “Technology Pioneers”. Vahan leverages technology to assist blue collar workforce in finding jobs that match their skills. Vahan helps employers such as Swiggy, Shadowfax, and Zomato reduce their hiring costs by up to 30% by identifying the ideal candidate at the right price, at the right place, and at the right moment.

Vahan has helped over 250,000 blue collar workers across 200+ cities find the right job and is on track to become the largest recruitment platform by the end of this year.

The World Economic Forum’s Technology Pioneers are early to growth-stage companies from around the world, such as Airbnb, Google, Spotify and Twitter, that are involved in the use of new technologies and innovations that are poised to have a significant impact on business and society.

With their selection as Technology Pioneer, Founder & CEO Madhav Krishna of Vahan will be invited to participate at World Economic Forum activities, events and discussions throughout the year. Vahan will also contribute to Forum initiatives over the next two years, working with global leaders to help address key industry and societal issues.

“We’re excited to welcome Vahan to our 2022 cohort of Technology Pioneers,” says Saemoon Yoon, Community Lead, Technology Pioneers, World Economic Forum. “Vahan and its fellow pioneers are at the forefront of industries that are critical to solving some of our world’s most complex issues today. We look forward to their contribution to the World Economic Forum in its commitment to improving the state of the world.”

This is validation for our unique technology that can positively impact billions of blue-collared workers. We are committed to designing solutions that uplift the lives of these workers at large scale. We look forward to contributing to the Forum and creating an impact globally.”

All info on this year’s Technology Pioneers can be found here: http://wef.ch/techpioneers22

NSDC, Medhavi Skills University Partner To Develop, Promote Long-Term Degree & Diploma Skill Courses

*  The partnership is aligned to the National Education Policy (NEP) 2020, which envisages integration of skill courses with formal higher education

* Enabling the objectives of Skill India Mission, the partnership aims to skill the youth in work-integrated format that supports their employment and retention

 National Skill Development Corporation (NSDC), the nodal agency under the Ministry of Skill Development & Entrepreneurship (MSDE), signed a Memorandum of Understanding (MoU) with Medhavi Skills University to jointly develop and promote work-integrated and skill-embedded degree/ diploma courses (Bachelor of Vocational Studies - B. Voc/ Diploma in Vocation - D. Voc). These courses will be implemented through NSDC’s network of training partners/ training centers and in association with the university’s empaneled industries.

The MoU was signed by Ved Mani Tiwari, Chief Operating Officer and Officiating CEO, NSDC and Pravesh Dudani, Founder & Chancellor of Medhavi Skills University in New Delhi.

The partnership is targeted at students who have completed either class 10 or 12 in school education. It will enable students to earn a University Grants Commission (UGC)-recognized degree/ diploma alongside practical work experience in industries related to their education. The On-the-job (OJT) training will be linked to monthly stipends paid by the respective industries to the trainees, making the university courses highly affordable and beneficial for the disadvantaged student groups who are at risk of dropping out from higher education. These courses will also create an enabling ecosystem and fulfill the objectives of the Skill India Mission as they are designed to provide industry-relevant skills to the youth.

NSDC will leverage its network to launch university diploma and degree courses under work-based training or OJT at employer’s premises. The training partners/ training centers would facilitate student enrollments into the university and, after their basic training at skill centers, students will join the designated industry as trainees and will undergo practical OJT training while working on the shop floor. Alongside their practical training, the university will conduct theory classes in ‘Phygital’ model in combination of physical classes, live virtual classes, and self-paced learning through the university learning management system.

Commenting on the strategic partnership, Ved Mani Tiwari, Chief Operating Officer and Officiating CEO, NSDC said, “The collaboration with Medhavi Skills University aims to bring a paradigm shift in the skill ecosystem with the introduction of long-term degree/ diploma-backed skill courses in the ‘learn while earn’ mode. Students will be able to gain hands-on practical exposure while they work in reputed industries as trainees and earn stipends for their contribution to production and service outputs. The collaboration is aligned to the National Education Policy 2020, which envisages convergence of skill training with higher education tracks followed by individual institutions.”

The ‘learn while earn’ model is being actively promoted under NEP 2020 as it ensures practical learning while working on the job. Specific guidelines of the University Grants Commission (UGC) promote embedding apprenticeships/ internships/ OJT training as a curriculum component of the skill-degree courses. As trainees contribute to the production/ service output of the industry during OJT, employers pay stipend leading to earning by students.

Pravesh Dudani, Founder Chancellor of Medhavi Skills University said, “The current short-term skill training model has a unique challenge of restricted career growth for students due to lack of higher education qualification. With the Work Integrated Skills & Higher Education (WISE) model of the university, the candidates will earn University Grants Commission (UGC) recognized Bachelors/ Diploma (B. Voc/ D. Voc) qualification along with practical work experience that has significant potential to catapult their career progression in the long-term.”

Present on the occasion, Kuldip Sarma, Pro-Chancellor of Medhavi Skills University said, “The WISE model of the university envisions providing equitable access to the disadvantaged candidates to excel in their careers who cannot afford full-time traditional higher education. Through the NSDC collaboration, MSU plans to empower 5 lakh disadvantaged youths in the next three years via various work integrated skilling and education approach.”

Khaby Lame Rescues Indian Divas From Their Makeup Woes With RENÉE FAB 5 In 1 Lipstick

RENÉE Cosmetics, one of the fastest-growing Indian makeup brands, collaborates with the famous content creator, Khaby Lame for a unique campaign alongside Mouni Roy, Shamita Shetty & others. The popular social media influencer is all set to show Indian Divas to de-clutter their lipstick woes with RENÉE Cosmetics’ FAB 5 in 1 Lipstick. The campaign will be a part of the popular ‘FabyKhaby' series.

RENÉE’s innovative FAB 5 in 1 lipstick recreates the magic of makeup with its unconventional product design and offers a convenient and travel-friendly make-up experience. It boasts of rich shades, from tantalizing taupe and flaming red to captivating coral. RENÉE is a timelessly inspired and endlessly enhanced brand curated especially for Indian Divas who are reinventing beauty with its high-quality, cruelty-free products. FAB 5 in 1 Lipstick is a truly clutter-breaking accessory with popular shades in nude and reds. They are customizable, easy to carry and have a high colour pay-off apart from being lightweight and non-drying.

Khaby Lame, an International social media influencer is popular for his simplifying videos with reactions to ironic life-hack videos and mocks them with a straight poker face. He started making these videos during the pandemic and as of 2022 has over 200 million followers across all social media platforms. This partnership will make RENÉE the first Indian cosmetic brand to collaborate with the global social media personality for its marque FAB 5 in 1 product.

Commenting on the collaboration Ashutosh Valani, Co-Founder of RENÉE Cosmetics said, “Khaby is one of the most influential personalities whose signature video style is the perfect fit to complement our passion for making professional makeup simple and pocket friendly. We believe that Khaby’s ways of simplifying things and showcasing them to the people tie in perfectly with our goal to recreate the FAB 5 in 1 Lipstick to build innovatively creative products.”

Instagram link : https://www.instagram.com/reel/CdXqTEEAkS9/?igshid=YmMyMTA2M2Y=

Appended is the link of the microsite : https://www.reneecosmetics.in/

About RENEE Cosmetics:

RENEE Cosmetics is an unlisted private company incorporated on 18 October 2019 and originated in Ahmedabad. It is an Indian makeup brand that offers beauty, cruelty-free, and cosmetics products for women. Timelessly inspired, endlessly enhanced- RENEE Cosmetics is an Indian cosmetics brand that's redefining beauty with its range of high quality, cruelty-free and FDA-approved innovative range of products. RENEE believes in empowering women to own and enjoy their bold, ambitious persona and let their glam do the talking.

The art of cosmetics is a true liberator and a beautiful form of expressing oneself in hues, tones, and shades. We seek inspiration from timeless beauty and transform it to meet the needs of the modern woman. Upon new wings, our name takes flight. RENEE Cosmetics is soaring and surpassing old definitions of beauty, art, and expression. We are committed to empowering women to reinvent themselves; redefining how they desire to showcase their persona.

Manipal Academy of Higher Education And Rotary Club Manipal Town Organise 'Navachethana' - Cultural Challenge-2022’

Rotary Club Manipal Town, in association with Manipal Academy of Higher Education organised 'Navachethana' - Cultural Challenge-2022’ a fundraising event for the treatment of child cancer patients on 7th May 2022 at Golden Jubilee Hall, Canara Bank, Manipal

The event was attended by dignitaries of MAHE and Rotary Club Manipal Town. District Governor, RID 3182, Rtn MG Ramchandra Murthy and District Governor Elect Rtn Dr Jaya Gowri were the Chief guests. Pro-Chancellor, MAHE, Dr HS Ballal and Vice Chancellor Lt Gen (Dr) MD Venkatesh were the guests of honour.

RCMT president Rtn Ganesh Nayak and Dr Narayana Sabhahit, Registrar MAHE also graced the occasion with their presence.

Chief Guest Rtn Ramachandra Murthy respected the Corporate Social Responsibility of MAHE and also mentioned that RCMT stands high in RI district 3182 with respect to the projects like skin bank and child cancer. Rtn Dr Jaya Gowri in her address appreciated the RCMT for initiating the project. It will be a hope for child cancer patients she said.

Speaking about the fundraising cultural event Dr HS Ballal, Pro-Chancellor, MAHE said “We wholeheartedly support this noble cause undertaken by Rotary Club of Manipal Town. We wish them all the very best to achieve their target fund of 1 crore and assure them that MAHE will provide support through a matching grant amount”

Lt Gen (Dr) MD Venkatesh, Vice Chancellor, MAHE said “We applaud the efforts of Rotary Club of Manipal town in organising this event to raise funds for child cancer patients. Such initiatives bring a ray of hope in the lives of many children dealing with this deadly disease. MAHE will always champion causes like these and provide our support”

The cultural program started with the Inaugural dance by Ms Hansini Upadyaya, from Bhargavi group, followed by the performances of dance troops. The event included a dance competition which was judged by Vidushi Veena Samaga of Radhakrishna Nrityaniketan, Udupi, Vidwan Chandrasekar Navada, Nrityanjali Kala Academy, Suratkal and Vidushi Yasha Ramkrishna, Proprietor of Hejje Gejje. Close to 500 people witnessed and cherished the performances by all the dance groups.

Boeing And AIESL Announce Collaboration For Repair And Overhaul Of Key Indian Defence Platforms

* Collaboration planned under the Boeing India Repair Development and Sustainment (BIRDS) initiative to build India as a regional MRO hub

* Maintenance, Repair and Overhaul (MRO) of  Boeing 777 VIP aircraft operated by the Indian Air Force and P-8I aircraft fleet operated by the Indian Navy

* Additionally exploring collaboration in repair and overhaul of landing gear and other commercial common 737NG equipment fitted on the P-8I fleet

Boeing [NYSE: BA] today announced an effort to explore opportunities with AI Engineering Services Ltd. (AIESL) for the Maintenance, Repair and Overhaul (MRO) of critical equipment on key Boeing defence platforms in India, including the P-8I operated by the Indian Navy and the 777 VIP aircraft operated by the Indian Air Force. The collaboration was announced at the Boeing India Aatmanirbharta in Defence conference organized in New Delhi on Tuesday, May 10, 2022, with participation from dignitaries from the Indian Navy, AIESL, and other key supplier-partners.

Our planned collaboration with AIESL could position us to provide significant value-add to our defence customers locally by enabling faster turnaround, exceptional operational capability and mission readiness for the Indian armed forces. This is also an important step as part of our commitment to the Government of India’s Aatmanirbhar Bharat vision of making India a regional MRO hub,” said Surendra Ahuja, Managing Director, Boeing Defence India.

This collaboration would support the Indian Navy’s growing P-8I fleet, building up the local aviation ecosystem, while ensuring quicker turnarounds for the Indian Navy. It would also help build indigenous MRO capabilities as it would bring the P-8I landing gear repair and overhaul work to India for the first time.

“Such collaboration would drive forward our vision for strengthening MRO capabilities in India, for India. We remain excited and committed as we provide critical support to India’s armed forces as part of the Boeing India Repair Development and Sustainment (BIRDS) hub initiative,” said Sharad Agrawal, CEO, AI Engineering Services Ltd.

Boeing India’s collaboration with AIESL would provide further impetus to the BIRDS hub initiative, an in-country network and alliance of suppliers led by Boeing in India that envisions a competitive MRO ecosystem for engineering, maintenance, skilling, repair and sustainment services of defence and commercial aircraft. The hub has been growing capabilities in India in the areas of heavy maintenance, component repairs, training and skilling of MRO maintainers.

An important aspect of BIRDS is training programs to increase skilled manpower by developing sub-tier suppliers and medium, small and micro enterprises (MSMEs) to build high quality MRO capabilities in India.

About AI Engineering Services Limited

AI Engineering Services Ltd. is a Directorate General of Civil Aviation (DGCA) approved MRO set up in India that serves as a one-stop-shop for all engineering requirements at major airports with a pan-India footprint. Prior to Air India divestment, the company was transferred to a Special Purpose Vehicle (SPV), AI Assets Holdings Ltd., formed by the Government of India.

With a great skill set, huge professional experience and MRO infrastructure located at all the major metros, AIESL manages and maintains Airbus, Boeing and ATRs fleets belonging to various national as well as international airlines with Technical Dispatch Reliability of more than 99%.

AIESL facilities includes hangar facility, line and base maintenance, engine overhaul, avionics accessories shops and components shops, structural repairs including composite repair, cabin and seat repair facility, landing gear, engineering support service and many specialized services. Its dedicated support team for AOG requests provides highly coordinated troubleshooting and engineering support round the clock. For more details, visit: https://www.aiesl.in.

About Boeing India

Boeing is the world's largest aerospace company and leading provider of commercial airplanes, defense, space and security systems, and global services. As a top U.S. exporter, the company supports commercial and government customers in more than 150 countries and leverages the talents of a global supplier base. Building on a legacy of aerospace leadership, Boeing continues to lead in technology and innovation, deliver for its customers and invest in its people and future growth.

Boeing’s advanced aircraft and services focus plays an important role in mission-readiness for the Indian Air Force and Indian Navy. Boeing is focused on delivering value to Indian customers with advanced technologies and remains committed to creating sustainable value in the Indian aerospace sector – developing local suppliers, and shaping academic and research collaborations with Indian institutions. Boeing has strengthened its supply chain with more than 275 local companies in India and a joint venture to manufacture fuselages for Apache helicopters. Annual sourcing from India stands at $1 billion. Boeing currently employs close to 4,000 people in India, and more than 7,000 people work with its supply chain partners. Boeing serves communities and citizenship programs to inspire change and make an impact on more than 500,000 lives in India. For more information, visit www.boeing.co.in.    

DigiSaathi’- 24x7 Helpline For Information On Digital Payments Now Enabled On Additional Channels

* Apart from availing information on digital payment products and services through the website & chatbot @ www.digisaathi.info, toll-free calls on 14431 and 1800 891 3333, customers can now access the 24x7 helpline- DigiSaathi on WhatsApp by messaging on +91 892 891 3333 and other social media channels to follow soon

DigiSaathi - a 24x7 helpline for Information on digital payment products and services is set up by NPCI on behalf of a consortium of payment system operators and participants (banks & non-banks). DigiSaathi will be accessible on WhatsApp for the customers to access all the information they need pertaining to digital payment products and services. DigiSaathi will assist the users with all their queries on digital payments via the chatbot facility on WhatsApp by simply messaging on +91 892 891 3333. The facility will soon also be available on other social media channels as well.

Launched recently by Governor, Reserve Bank of India(RBI), DigiSaathi is an automated response system that helps customers in addressing their queries related to multiple products and services under the payments system umbrella including Cards (Debit/Credit/ Prepaid), UPI, NEFT, RTGS, IMPS, AePS, NETC, BBPS, USSD, PPI Wallets, ATM, QR (UPI/Bharat), NACH, TReDs, CTS, MTSS, Mobile and Net banking. The Consortium of Payment System Operators and Participants including ecosystem Partners, Banks, Card Networks, PPIs, Fintechs, Payments Council of India (PCI), and Indian Banks’ Association (IBA) came together for implementing this to empower people to adopt digital payments with even more conviction.

DigiSaathi is available in both English and Hindi for customers wherein they can access information about any of the digital payment products and services. It even guides them on how to avail or use any particular product or service. DigiSaathi also helps customers with their transaction-related queries, by guiding them and sharing the contact details of concerned banks/Institutions. The FAQs and automated responses listed on DigiSaathi are reviewed periodically to offer more updated and accurate responses to the callers/users.

DigiSaathi is available to customers via website & chatbot facility at www.digisaathi.info, through toll-free calls - 14431 & 1800 891 3333 and on WhatsApp by messaging on +91 892 891 3333. The service will soon be available on more social media channels to meet customer requirements.

About NPCI:

National Payments Corporation of India (NPCI) was incorporated in 2008 as an umbrella organization for operating retail payments and settlement systems in India. NPCI has created a robust payment and settlement infrastructure in the country. It has changed the way payments are made in India through a bouquet of retail payment products such as RuPay card, Immediate Payment Service (IMPS), Unified Payments Interface (UPI), Bharat Interface for Money (BHIM), BHIM Aadhaar, National Electronic Toll Collection (NETC Fastag) and Bharat BillPay.

NPCI is focused on bringing innovations in the retail payment systems through the use of technology and is relentlessly working to transform India into a digital economy. It is facilitating secure payments solutions with nationwide accessibility at minimal cost in furtherance of India’s aspiration to be a fully digital society.