i-flex Q2 net up 42%

BS 200 SCORECARD

i-flex Solutions posted a 42.48 per cent rise in net profit of Rs 53.12 crore for the quarter ended September 30, 2005, as compared with Rs 37.28 crore in the same period last fiscal. Total revenue increased 35.12 per cent to Rs 272.78 crore from Rs 201.87.

It's consolidated net profit of Rs 38.4 crore was, however, lower by 8.13 per cent, compared with Rs 41.8 crore recorded during the same period of the previous financial year. However, the company's total revenues rose to Rs 349.7 crore, up from Rs 255.8 crore.

"We are witnessing a significant mindset change in the global financial industry with greater attention to the state of ageing core systems. The strength we have gained with the investment by Oracle in i-flex is helping to further accelerate our business momentum," Chairman and Managing Director Rajesh Hukku said.

The company had posted a strong growth momentum in all lines of business and added 16 new customer relationships of the group, 9 of which were from the US. Its total number of customers rose to 595, up from 579 in the last quarter.

i-flex added 1,047 employees in the quarter, increasing its total staff strength to 6,200. Under the US GAAP, the IT major posted a net income of Rs 53.5 crore (Rs 83.2 crore) during the quarter ended September 30, 2005, on a total revenues of Rs 623.7 crore (Rs 479.9 crore).

Net income for the quarter stood at Rs 40.4 crore (Rs 43.1 crore), while it posted a topline growth of 38 per cent with revenues of Rs 359.3 crore (Rs 260.6 crore) during the quarter.