i-flex solutions net jumps 64%

Software services provider i-flex solutions today reported a 63.71 per cent jump in net profit to Rs 58.20 crore for the quarter ended June 30 compared with Rs 35.55 crore for the same period last year.

Revenues increased by 24.72 per cent to Rs 384.64 crore (Rs 308.39 crore), i-flex informed the Bombay Stock Exchange (BSE).

"We continue to enjoy strong traction with large global accounts especially in Europe and Japan. We are witnessing significant cross selling of our product and service offering to our current installed base," i-flex CEO and Managing Director N R K Raman said.

"We are also making rapid progress in delivering the joint solution footprint along with Oracle Financial Services Global Business Unit (FSGBU), thus sustaining our leadership position in the market," he added.

As per Indian generally accepted accounting principles (GAAP), the group has posted a net income of Rs 36.7 crore, against Rs 35.1 crore, while revenues increased to Rs 513.3 crore from Rs 403.3 crore.

According to the US GAAP, the group has posted a net income of Rs 41.5 crore compared with Rs 41.5 crore, whereas revenues stood at Rs 532.0 crore from Rs 407.5 crore.

The company has also informed BSE that its board of directors at a meeting held today approved the allotment of 14,725 ESOP shares of face value of Rs 5 each to the employees who had applied for the employees stock option scheme.