Financial Daily from THE HINDU group of publications
Saturday, Jul 31, 2004
Financial Daily from THE HINDU group of publications Saturday, Jul 31, 2004 |
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Info-Tech
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Financial Performance Corporate Results - Software i-flex Solutions Q1 net up 9.2 pc Our Bureau
Mumbai , July 30 i-flex Solutions Ltd recorded a 9.2 per cent growth in net profit at Rs 41.5 crore for the first quarter-ended June 30, 2004 as compared to Rs 38 crore registered during the previous year's corresponding quarter. Revenues rose by 22.64 per cent at Rs 224.2 crore (Rs 183.4 crore) for the quarter-ended June 30, informed a company release. During the quarter, i-flex added 17 new customers taking the total number to 497. The products' business raked in Rs 128 crore (Rs 122 crore) of revenues for this quarter with the product tank size increasing to $43.7 million from $40.5 million in the last quarter. The company had several customer wins across its product lines including 8 new customers for Flexcube, a strategic account with a major US bank for Reveleus and two significant accounts in the US for DayBreak. The services stream reflected a 53 per cent growth at Rs 98 crore (Rs 64 crore) for the quarter-ended June 30, 2004. PrimeSourcing, the service business registered growth in revenues of 53 per cent on a year-on-year basis. The company bagged deals from a large consumer bank in the US for complex system enhancement and support, and a three year contract for setting up and managing an ODC (offshore development centre) for a large US-headquartered multinational bank Interestingly, i-flex has forayed into the big league consulting business with its consulting practice. "Even though this is a nascent business for us it offers a huge potential given that the billing rates are double that charged by the typical IT service companies. We have an advantage over them (read consulting majors) because of our product experience," Mr Deepak Ghaisas, CFO and CEO-India Operations, i-flex Solutions told Business Line. i-flex already has several clients for its consulting practice since "we are offering the end-to-end consulting partnership as an extension of our services business to clients," Mr Ghaisas said. The consulting practice would focus on pre-product implementation, strategic consulting such as IT infrastructure and mergers and acquisitions. Geographically, the contribution of the US market has grown to 49 per cent, up from 42 per cent last year's corresponding period while Europe has declined to 18 per cent (23 per cent). The APAC region stood at 19 per cent (17 per cent), West Asia/Africa at 13 per cent (16 per cent) and Latam (Latin America) market at 1 per cent (2 per cent). The growth in business was also reflected in the headcount increase with i-flex having added a gross of 586 staff during the quarter, the release informed. ESOPs: i-Flex has informed the Bombay Stock Exchange that the board of directors at its meeting held on July 30, 2004 has allotted 9,000 ESOP equity shares of face value of Rs 5 each to the applicant employees of the company.
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