The Hindu Business Line : i-flex clocks 4.5% rise in Q1 net

i-flex Solutions, the Mumbai-based IT solutions provider, has recorded 4.5 per cent rise in net profit for the second quarter ended June as per Indian accounting standards to Rs 36.7 crore (Rs 35.1 crore).

Total revenues were up by 27.2 per cent at Rs 513.3 crore (Rs 403.3 crore).

On a sequential basis, however, net profit was down by 72.2 per cent from Rs 132.4 crore in the quarter ended March 2007.

Exchange rate fluctuations shaved about Rs 20 crore from the company’s net profit for the quarter, Mr N.R.K. Raman, CEO and Managing Director, told Business Line.

i-flex earns about 48 per cent of its revenues from the US; Europe and the Asia-Pacific region account for 31 per cent and 18 per cent respectively, said a release.

The rupee rose by seven per cent against dollar during the quarter under review from 43.10 to 40.66 as of June-end.

The company has hedged its dollar earnings for $110 million, protecting itself at an average rate of Rs 45 to the dollar, said Mr Raman.

i-flex in which Oracle holds a majority stake provides solutions to the financial services industry.

The company added 21 new customers in the quarter – 10 in the products business and 11 in the services division.

The i-flex scrip fell 1.63 per cent to close at Rs 2,193.8 on the BSE on Monday.

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