i-flex net income dips 8.8 percent

BANGALORE: i-flex solutions posted a net income of Rs. 38.4 crore for the second quarter ended September 30, 2005, showing a decline of 8.8 percent compared to the net profits posted during the same quarter last year.

The company has a top line growth of 37 percent with revenue for the quarter ended September 30, 2005 at Rs. 349.7 crore as compared to Rs. 255.8 crore for the corresponding quarter during the previous year.

The revenue for the half -year ended September 30, 2005 stood at Rs. 623.7 crore, up 30 percent as compared to the previous half year. The net income for the same period stood at Rs. 53.5 crore, which is 55.5 percent below compared to the first half of 2004.

Commenting on the financials Deepak Ghaisas, CEO, India operations and CFO said, “While the quarter has witnessed a healthy top-line growth, the impact of investments in infrastructure, people and sales and marketing has some impact on the margins. Overall, we are well prepared to exploit the growing opportunities in the marketplace.”

During the quarter, the company added 1047 people, highest addition in any quarter in the past, to meet growing business requirements; the total staff strength of the group increases to 6200 (inclusive of KPO business).

In the second quarter, Oracle Corporation announced the acquisition of a majority interest in i-flex.