ITC Infotech, (fully owned subsidiary of ITC Ltd) continues to sharpen its focus on the strategic pillars of Customer Centricity, Employee Centricity and Operational Excellence while building differentiated offerings around the strategic areas of Cloud Technologies, Digital Workplace Solutions, Digital Manufacturing, Customer Experience and Data Analytics. During the year, the company recorded robust growth in revenue on the back of strong traction in the Americas, India and the Rest of the World markets.
Industry 4.0 solutions, Global In-house Centre services and Digital Experience using data analytics and Infrastructure services were the key drivers of growth. The company also continued to forge new alliances and strengthen existing relationships with Independent Software Vendors (ISVs) in focus areas such as Digital Workplace Solutions, Digital Manufacturing and Data analytics. These partnerships are aligned to the company’s vision of taking a leadership role in enabling the Digital Transformation and Software as a Service (SaaS) adoption journey of its clients.
The company also launched an industry-defining ‘ITC Infotech Work From Anywhere’ (IWFA) productivity framework to provide its employees with the flexibility to work from anywhere with a sustained focus on client priorities and data security. The growing demand for high-skilled talent was met through the prioritisation of investments in training & skill development and the building of a robust learning & development platform.
Business-friendly solutions and new-age capabilities offered by the company continue to earn global recognition. The company’s Automation capabilities were positioned in the ‘Leadership Zone’ in the Zinnov Zones Hyper Intelligent Automation Services 2021 for Robotic Process Automation (Small & Medium Service Providers), IT Automation and CPG-Retail. The company’s Digital Workplace capabilities were considered a ‘Disruptor’ in Avasant’s Digital Workplace Services 2021 RadarView™ (from being placed under the ‘Challengers’ category in the previous year). The company’s Digital Manufacturing capabilities were also profiled in an exclusive ‘Briefing Note’ by Information Services Group, Inc., titled ‘ITC Infotech: Business-friendly Approach Strategically Placing Manufacturers, a Step Ahead of Competitors’.
During the year, the company’s consolidated Total Income grew by 16.8% to ₹ 2884.30 crores (the previous year ₹ 2469.29 crores). Profit Before Tax stood at ₹ 719.64 crores (previous year ₹ 604.13 crores) and Net Profit stood at ₹ 541.04 crores (previous year ₹ 451.30 crores).
For the year under review:
a. ITC Infotech India Limited recorded Revenue from Operations of ₹ 2288.57 crores (previous year ₹ 1834.98 crores) and Net Profit of ₹ 517.81 crores (previous year ₹ 447.79 crores). The company paid a total dividend of ₹ 53.00 per Equity Share of ₹ 10/- each aggregating ₹ 451.56 crores (previous year ₹ 32.50 per Equity Share of ₹ 10/- each aggregating ₹ 276.90 crores).
b. ITC Infotech Limited, UK, a wholly-owned subsidiary of the company, recorded Revenue of GBP 40.02 million (previous year GBP 48.80 million) and Net Profit of GBP 0.79 million (previous year GBP 0.90 million).
c. ITC Infotech (USA), Inc., a wholly-owned subsidiary of the company, together with its wholly-owned subsidiary Indivate Inc., recorded Revenue of US$ 133.76 million (previous year US$ 108.36 million) and Net Profit of US$ 2.53 million (previous year US$ 2.59 million).
ITC Infotech – PTC deal
A key element of the company’s strategy going forward is to pursue inorganic opportunities to accelerate growth and profitability for which it has identified priority areas including Digital Experience – Data Analytics and AI, Salesforce and BPM Tools; Infrastructure Services – Service Management and Cloud Service Providers and Product 4.0 – Digital Factory and Digital Thread.
Building on the successful 20-year alliance with PTC Inc., a 10-year Strategic Partner Agreement has recently been announced to accelerate customer digital transformation initiatives through jointly developed offerings and Go-to-Market strategies focused on facilitating conversion of customers’ Product Lifecycle Management (PLM) implementations to SaaS. Under the terms of this agreement, the company will acquire a substantial portion of PTC’s PLM implementation services business and create a new business unit, called DxP Services, which will include PLM professional services experts from both companies. The company will continue to explore value accretive inorganic opportunities in identified priority areas as stated above.
The company will continue to focus on interventions around areas of strategic interest, including creating and winning large transformation opportunities, expanding presence in strategic accounts, building and sharpening domain-specific digital solutions, strengthening distributed delivery framework, and re-skilling/up-skilling employees in future-focused capabilities.