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Mumbai, July 25 A significant increase in other income coupled with increased momentum across its suite of offerings has bolstered Oracle-owned financial services firm, i-flex solutions, to report a 188 per cent growth in net profit for the quarter ended June 30, 2008.

The firm’s bottom-line was up to Rs 105.6 crore (Rs 36.7 crore).The company has made a gain of Rs 49.1 crore on other income as compared to a loss of Rs 19.8 crore recorded in the same quarter last year.

Though company officials were not available for comment on the results, analysts say the spike in other income would be on account of the almost 11 per cent depreciation in the Indian rupee in the June quarter. Revenues for the quarter were up by 23 per cent to Rs 631.8 crore (Rs 513.3 crore).

During the quarter, the company signed new license fee of $17 million and added 14 new customers, a press release issued by i-flex said. The company’s stock was down by 0.02 per cent to close at Rs 1,359.7 on the BSE today.

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