Financial Tech Q4 profit shrinks 44% to Rs 44 cr

Financial Technologies India (FTIL) today reported a 44 per cent decline in net profit to Rs 43.84 crore for the fourth quarter ended March 31, 2010.

The company had reported a net profit of Rs 78.49 crore in the corresponding period a year ago.

Total income of the company, which provides technological solutions to exchanges, also decreased to Rs 91.89 crore in the January-March period of FY'10 from Rs 158.09 crore of the same quarter a year earlier, FTIL said in a filing to the Bombay Stock Exchange (BSE).

The company has declared a final dividend of 100 per cent or Rs 2 per equity share of face value Rs 2.

For the full financial year ended March 2010, the company posted a net profit of Rs 344.36 crore, down 6.5 per cent against Rs 368.59 crore of previous fiscal.

The FT Group operates one of the world's largest networks of ten exchanges connecting fast growing economies of Africa, Middle East, India and South East Asia.

"In line with our group philosophy, this year the focus has been on execution and innovation. In FY10 market share of IEX for electricity spot trading stood at 87 per cent; NSEL garnered a market share of 91 percent in commodity spot market and MCX-SX's market share stood at 55 per cent in the currency derivatives segment for last quarter," Financial Technologies Whole Time Director Dewang Neralla said.

On Friday, shares of FTIL closed at Rs 1,320.15, higher by 3.19 per cent on the BSE.