The Hindu Business Line : i-flex Solutions consolidated net up 34.8 pc

i-flex Solutions, now an Oracle group company, has reported a 34.8 per cent increase in its consolidated net profit for the fourth quarter ended March 31, 2006.

Net profit for the quarter amounted to Rs 140 crore against Rs 103.82 crore during the corresponding year-ago quarter. Revenues grew 31 per cent year-on-year, to be recorded at Rs 470.5 crore (Rs 358.6 crore).

Total expenditure rose 38 per cent to Rs 215.5 crore (Rs 155.7 crore). Operating profit grew 23 per cent to Rs 143.9 crore (Rs 116.9 crore).

For the year as a whole, the company's consolidated net profit grew 2.2 per cent to stand at Rs 237.6 crore (Rs 232.4 crore).

Annual revenues grew 30 per cent to Rs 1,482 crore (Rs 1,138.6 crore). Cost of revenues grew 37 per cent to Rs 783.4 crore (Rs 570 crore), expenditure across all heads increasing.

Headcount

The company added 27 new customers during the quarter, made a gross addition of 464 employees in the quarter, and 2,701 in the financial year. Staff strength increased by 44 per cent to 6,848 (including KPO business employees).

i-flex's non CITI business grew 66 per cent over the year, to account for 45 per cent of total service revenues, said a statement from the company.

The board of directors has recommended a dividend of 100 per cent for the year.

The i-flex scrip gained by 1.19 per cent on the BSE on Saturday to close at Rs 1,301.45, gaining by Rs 15.35 over the trading day.

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