The Hindu Business Line : Financial Tech Q4 net up 28%

Mumbai, July 2 Mumbai-based Financial Technologies has posted a 28.33 per cent rise in consolidated net profit to Rs 27.9 crore for the quarter ended March 31, as against Rs 21.74 crore recorded in the corresponding year- ago quarter.

The company’s total income swelled by 68.75 per cent to Rs 108.44 crore (Rs 64.26 crore).

Financial Technology provides technology solutions for equity, commodity, debt and forex markets. “We expect to continue to grow exponentially year-on-year driven by our IP-centric business model and technology-domain expertise which has delivered another high-growth year for us,” said Mr Dewang Neralla, whole-time Director, Financial Technologies.

For the fiscal year ended March 2007, the company’s consolidated net profit was up by 23.45 per cent to Rs 103.55 crore (Rs 83.88 crore). Total income was up by 61.5 per cent to Rs 325.07 crore (Rs 201.23 crore). The group’s straight-through-processing technologies business was the major driver of growth, as revenues from this business increased 85.5 per cent year-on year. Revenues from its exchange-traded business grew by 67 per cent, said a news release.

The Financial Technologies scrip was down by 2.03 per cent and closed at Rs 2955.4 on the BSE today.

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