Financial Daily from THE HINDU group of publications
Saturday, Jan 29, 2005
Financial Daily from THE HINDU group of publications Saturday, Jan 29, 2005 |
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Info-Tech
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Financial Performance Corporate Results - Software i-flex Solutions third-quarter net up 33 pc Our Bureau
Mumbai , Jan. 28 I-FLEX Solutions Ltd has reported a 32.9 per cent growth in net profit at Rs 48 crore for the third quarter ended December 31, 2004, against Rs 36.1 crore in the corresponding year-ago quarter. Billing rates showed increase of 7 per cent; and offshore revenues grow from 36 per cent in the last (immediate) quarter to 39 per cent this quarter, maintaining the trend from the last quarter, said a news release from the company. Revenues for the quarter grew 37.7 per cent, to Rs 249.4 crore, from Rs 181.1 crore. There was robust revenue growth in all lines of business, said a news release from the company. Gross profit rose 18 per cent, to Rs 111.52 crore, up from Rs 94.48 crore. Income from operations went up 34.1 per cent, to stand at Rs 64.9 crore (Rs 48.37 crore). Interest income was higher at Rs 6.33 crore (Rs 5.42 crore) while `other expenses' sharply rose to Rs 13.6 crore, up from a negligible amount the corresponding year-ago quarter. Consequently, profit before tax amounted to Rs 57.5 crore, up from Rs 53.77 crore. Provision for income tax was substantially lower at Rs 9.5 crore, down from Rs 17.6 crore. The consolidated net profit amounted to Rs 45 crore while the consolidated revenues were at Rs 300 crore, and operating income at Rs 58 crore for the quarter. The growth in non-Citibank share of revenues continues, with the section contributing to 37 per cent, up from 30 per cent at the beginning of the financial year. The company has also informed BSE that the board of directors at their meeting has allotted 7,650 ESOP equity shares of face value of Rs 5 each to the applicant employees of the company.
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