3i Infotech bags a new contract with HPCL worth Rs 51 crore

3i Infotech wins a 3-year contract worth Rs 51 crore from HPCL.

On November 21, shares of 3i Infotech opened at Rs 43.80, up by 4.5% from the previous close of 41.90. The stock rallied after the company announced that it bagged a contract with an order value of approximately Rs 51 crore over the tenure of 3 years from HPCL.

In its press release on November 18, 3i Infotech said,” HPCL has been a longstanding customer of 3i Infotech, with the company serving them primarily in North India. However, under the new contract, the remit would include 3i Infotech taking its service across the country including all HPCL locations and datacenters. Overall, they will manage and support the IT Infrastructure of HPCL, to include offices, refinery, and retail units in over 70+ circles across Pan-India. 3i Infotech will look to strengthen its presence in India and the Oil and Natural Energy sector. The company would be ramping up their recruitment plans and would be hiring close to 240 engineers in this quarter.”

3i Infotech is an Indian IT company incorporated in 1993 as a back-office processing company by ICICI bank. However, later in 2002 ICICI divested the majority of the company’s shares. 3i Infotech is now a Global Information Technology Company. The company's business activities are divided into two categories IT Solutions and Transactions. The company is headquartered in Mumbai with a global presence in more than 50 countries.

In its quarterly results for Q2FY23, the company reported Net Sales of Rs 177.13 crore, up by 0.02% from Rs 177.10 crore from the previous year’s same quarter. Profit after tax (PAT) stood at Rs 17.11 crore in Q2FY23 up 174.1% from Rs 23.09 crore in Q2FY22. EBITDA stood at Rs 30.87 crore up 322.41% on a YoY basis from Rs 13.88 crore. EPS was reported at Rs 1.02 in September 2022, from Rs 1.43 in September 2021.