3i Infotech shares up 3% on contract win worth Rs 39.55 crore

The total contract value is Rs 39.55 crore plus one-time transition charges of Rs 35 lakh.

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3i Infotech share price rose 3 percent in early trade on September 27 after the company received a contract win from Ujjivan Small Finance Bank, for end user support service (workplace services). The total contract value is Rs 39.55 crore plus one-time transition charges of Rs 35 lakh.

At 09:25 hrs 3i Infotech was quoting at Rs 41.85, up Rs 1.32, or 3.26 percent on the BSE.

The contract is for a period of 5 years starting from October 1, 2023 to September 30, 2028, with the option to extend the contract with mutual agreement.

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Earlier in this month, the company announced its partnership with InsureMO, a world leading Insurance Middleware Platform.

This partnership will help 3i Infotech expand its services offering with implementation capabilities for InsureMO platform, which modernise and transform the insurance providers’ offerings without changing their core solutions.

The company had posted a net loss of Rs 15.59 crore in the quarter ended June 2023, while revenue rose 8.5 percent at Rs 194.4 crore.

The company provides information technology services and software solutions and operates through three key segments, (i) Enterprise Services (ii) Professional Services and (iii) Digital Business Services.