3i Infotech snaps 6-day losing streak on Indian Oil contract renewal

The contract is valued at Rs 16.29 crore for managing IOCL’s data centre services for three years. The stock has fallen over 70 percent after it re-listed in October 2021, largely on the back of inconsistent financial performance

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3i Infotech shares jumped over 5 percent on April 18 morning after Indian Oil Corporation (IOCL) renewed its contract with the IT company for FY24. The Rs 16.29-crore contract is for managing IOCL’s data centre services for three years.

At 11.40 am, 3i Infotech was quoting at Rs 33.30 on the NSE, up 6 percent from the previous close, snapping a six-session losing streak in which it declined more than 12 percent.

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“We are delighted that Indian Oil Corporation Limited continues to see value in this partnership… This multi-year deal is a major milestone for 3i Infotech, as we look to grow our portfolio of government and public sector enterprises,” 3i Infotech managing director and global CEO Thompson P Gnanam said.

The stock has fallen over 70 percent ever since it got re-listed in October 2021, largely on the back of inconsistent financial performance. According to Screener.in, its operating margins have ranged between -12 percent and 7 percent over the past six quarters.

In Q3 FY23, its consolidated net sales came in at Rs 182.30 crore, up 10.02 percent year-on-year. Quarterly net profit stood at Rs 13.06 crore compared to a loss of Rs 23 crore in Q3 FY22.

The company plans to achieve organic revenue growth of $1 billion by 2030 by leveraging technologies like 5G in edge computing, cognitive artificial intelligence/machine learning, data science, analytics, and blockchain.

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