DBT Bureau
Bengaluru, 25 May
ITC Infotech, the flagship IT services company of ITC Group, posted sound revenue growth in the last financial year.
As per the investor presentation of ITC, ITC Infotech reported a revenue of Rs 3,730 crore (around $470 million) in FY24, a rise of 12% over FY23.
Its revenue in the fourth quarter was at Rs 993 crore (about $125 million), which was a rise of 13% over the same period of last year.
“(We have a) healthy total contract value (TCV) signings and strong deal pipeline. (Our) investments continue in capability building in strategic focus areas, sales organisation & infrastructure,” ITC said in the presentation.
ITC Infotech’s EBIDTA margin was at upper end of mid-tier IT companies, it added.
“ITC InfoTech Revenues grew 13.3% YoY to Rs 990 crore; EBITDA grew by 37.3% YoY to Rs 210 crore. Margins expanded by 382 basis points YoY to 21.8%,” Brokerage firm, Prabhudas Lilladher said in a note.
Last month, the company announced that it would acquire Pune-based cloud services company, Blazeclan Technologies for Rs 485 crore in its bid to augment its cloud-based offerings.
This acquisition is expected to augment ITC Infotech’s capabilities to service its customers in a multi-cloud and hybrid cloud environment with a focus on the Partner eco-system to accelerate future growth.
Blazeclan is a cloud consulting company providing cloud services on AWS, Azure, and GCP, and has been recognized as a Niche Player in the 2023 Gartner Magic Quadrant for Public Cloud IT Transformation Services.
