i-flex Sept qtr net dips 16%

BS 200 SCORECARD

i-flex solutions, leading provider of IT solutions and its subsidiaries consoldiated has recorded 16.26 per cent dip in its net profit at Rs 41.7 crore for the quarter ended September 30, 2004 compared with Rs 49.8 crore during the same quarter of the previous year.

However, its revenue jumped by 36.79 per cent at Rs 255.8 crore compared with Rs 187 crore in the year-ago quarter. Income from operations came down by 11.57 per cent at Rs 48.9 crore compared with Rs 55.3 core in the year-ago quarter.

The company expanded to newer markets, and opened sales office in Miami for Latin America and in Shanghai for China. It added 762 employees in the quarter taking its headcount at the end of the quarter to 3,950, representing an 18 per cent increase over last quarter.

Deepak Ghaisas, CEO, India operations & CFO said, "We are continuing to build our manpower, grow our infrastructure, invest in enhancing our portfolio and expand the global spread of our operations. While these have an impact on the costs in the short term, we strongly believe these investments are essential to create a growth platform in the long term. Our prudent management of treasury operations has also yielded positive gains for the company."

Rajesh Hukku, CMD, i-flex solutions, said, "Our continuing momentum in the products as well as services business is attested by the growth in the top line. Our unique business model spanning both products and services, and our growing portfolio of specialised solutions for the financial services industry enables us to tap the growing opportunities and provide end-to-end solutions to our customers."