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i-flex Q1 net slips 5%

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CIOL Bureau
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Source: IRIS

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BANGALORE: i-flex solutions has posted a consolidated net profit1 of Rs 38.11 crore for the quarter ended June 30, 2003 against a net profit of Rs 40.07 crore in the corresponding quarter a year earlier. Consolidated revenues for the reporting quarter stood at Rs 183 crore compared to Rs 138 crore in the same quarter a year earlier.

On a sequential basis, i-flex`s first quarter consolidated net profit is slightly higher than the Rs 38.34 crore the company had reported in the quarter ended March 31, 2003. Consolidated revenues for the quarter under review is, however, sharply higher compared to the Rs 166 crore the company had posted in the preceding quarter.

Rajesh Hukku, chairman and managing director, said, `Our strategy of deepening penetration in focus markets is paying rich dividends, amply demonstrated by the successes in Germany and Egypt. We are investing in global sales and marketing infrastructure and branding efforts to sustain this momentum.`

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R Ravisankar, CEO (international operations and technology), said, `Our value proposition continues to get strengthened as we launch newer solutions in the emerging areas of BASEL II, Anti - Money Laundering, and Risk Management, through our unique portfolio of products and services.`

Commenting on the results, Deepak Ghaisas, CEO (India operations) and CFO, said, `As a global company, we are now investing substantially in revamping our internal processes and systems to efficiently manage growth. Our continual growth momentum stands testimony to our non-linear and hedged business model.`

i-flex`s flagship banking product Flexcube continued its momentum by registering further successes in Europe, Latin America, US and Asia.

The company won prestigious contracts for Flexcube from Germany`s HypoVereinsbank, Egypt`s Egyptian American Bank, Brunei`s Baiduri Bank, ACC Bank of Ireland, Juniper Bank in the US and ASP in the Caribbean. i-flex added nine new Flexcube customers, taking the cumulative customer count to beyond 150. Product business continued to demonstrate strong growth, with revenues rising by 21 per cent quarter-on-quarter.

The company acquired six new customers for the PrimeSourcing line of business during the quarter under review. Total number of cumulative customers serviced, reached 419 across 95 countries.

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