Financial Technologies Q1 net down 13 %

Financial Technologies (India) Limited or FTIL, a technology solutions provider, has posted a decline of 13.17 per cent in its net profit at Rs 39.2 crore for the quarter ended June compared with Rs 45.15 crore in the previous corresponding quarter. The company's net sales declined 3.43 per cent to Rs 5.74 crore against Rs 68.07 crore last year.

Dewang Nerella, whole time director of the company, said, "This (June quarter) has been a steady quarter for Financial Technologies. Our international exchanges stepped up to next level; with trading volume at SMX reaching a historic high of 10,514 contracts."

On the front of foreign exchange, FTIL made a net loss of Rs 0.73 crore against a net gain of Rs 1.13 crore in the corresponding quarter last year.

During the quarter, the company made additional long term investments aggregating to Rs 52.16 crore in its subsidiaries.

Commenting on the recent agreement with the National Stock Exchange (NSE), Neralla said that it was in the larger interest of the capital markets.

On the Bombay Stock Exchange, shares of FTIL declined 2 per cent or Rs 15.35 to close the trading session at Rs 766.6 on Wednesday.