ICICI Infotech eyes 30% revenue growth in 2003-04

By SiliconIndia   |   Wednesday, 21 May 2003, 07:00 Hrs
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NEW DELHI: Anticipating demand from across the industry for its service and product segments, ICICI Infotech is targeting a growth rate of 30 per cent in revenue at Rs 290 crore during the current fiscal.

"Last year (2002-03), the revenue was Rs 230 crore, where a Rs 50-crore hit was taken due to the BPO division which was made a separate company as ICICI OneSource. Otherwise, our revenue would have touched about Rs 280 crore", ICICI Infotech executive director, Manoj Kunkalienkar said.

"In the current fiscal, we will grow at the industry growth rate of 30 per cent", he said.

This fiscal, the company is expecting products to contribute as much as 25 per cent to the revenue as against about 10 per cent so far, Kunkalienkar said adding that the remaining 75 per cent is expected to come from the services sector.

Having a presence in a wide spectrum of verticals like banking, insurance, manufacturing, retail and products in ERP, the company currently has three development centres in the country with 1400 professionals.

"We have no expansion plans as of now as we have the capacity to accommodate another 1000 professionals in these three centres and we will take more people as and when we need them", he said.

ICICI Infotech is an IT company promoted by the country's largest private sector bank ICICI Bank.

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