The Hindu Business Line : i-flex net up 133 per cent

i-flex Solutions Ltd has reported a 133 per cent increase in its consolidated net profit for the first quarter ended June 30, 2006 under the Indian GAAP. Net profit for the quarter amounted to Rs 35 crore, up from Rs 15 crore in the corresponding year-ago quarter. Revenues rose 47 per cent to Rs 403 crore (Rs 274 crore), driven by "a consistent streak of top tier wins" for the company's products such as FLEXCUBE and REVELUS as well as its services in the US, Europe and Japan, according to Mr Rajesh Hukku, Chairman and Managing Director, i-flex Solutions. The cost of revenues rose 50 per cent to Rs 251 crore (Rs 167 crore). Income from operations grew almost two-fold, to Rs 37 crore (Rs 14 crore). Interest amounted to Rs 7.8 crore (Rs 5 crore) while tax amounted to Rs 10 crore (Rs 4 crore.)

Mr Deepak Ghaisas, CEO, India operations and CFO said, "We are investing in infrastructure aggressively to meet market opportunities. This strategy is aimed at leveraging scale to help optimise costs while giving us the required flexibility to quickly expand operations."

Under the US GAAP, the company reported a seven-fold rise in net profit, which amounted to Rs 41.5 crore. Revenues rose 51 per cent, to Rs 407 crore. On BSE, it lost Rs 12.05 on Friday closing at Rs 1318, down by 0.92 per cent from Thursday's close.

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