i-flex grows 22% in Q2 revenue

By : |July 29, 2004 0



BANGALORE: Software product and services major for the financial sector, i-flex solutions limited, has posted a growth of 22 percent year-on-year in revenue for the quarter ended June 30, 2004 at Rs 224.2 crore as compared to Rs 183.4 crore for the corresponding quarter in the previous year. The profit before tax for the quarter stood at Rs 56.2 crore registering 24 percent annually. The net income for the quarter stood at Rs 41.5 crore representing a nine percent growth over last year.


Rajesh Hukku, Chairman and Managing Director said, “Our continued investment in marketing and sales, R&D, and infrastructure has brought significant wins in advanced countries in both the product and services markets. This reinforces our position as the technology provider of choice to financial institutions around the world.”


The company added 17 new customers during the quarter, taking the total customers serviced to date to 497. It also increased its workforce by 586 gross addition, the highest growth in a quarter ever.


R Ravisankar, CEO, International Operations and Technology added, “Our capacity to address large customers is increasing and our wins this quarter in the North American and European markets is a testimony to the traction we are achieving with the most demanding financial institutions.”


Deepak Ghaisas, CEO, India operations & CFO said, “This quarter, we have made significant investments in our infrastructure to increase the delivery capacity to meet the market needs. We are also happy to note that our prudent treasury management continues to deliver optimized returns.”


CIOL Bureau

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