i-flex Q3 net dips 4.5 per cent

MUMBAI, INDIA: i-flex solutions today reported a dip of 4.5 per cent in its net profits to Rs 106.7 crore, during the quarter ended December 31, 2007, from Rs 111.20 crore posted during the corresponding year-ago quarter.

On a sequential basis, the net profit increased by 22 per cent over the second quarter.

During the third quarter, the company posted revenues of Rs 619.60 crore, up 11.15 per cent over the same quarter the previous year.

The company had posted Rs 557.40 crore revenues during the third quarter of the financial year 2006-`07.

On sequential terms, revenues during the reporting quarter grew by 8 per cent.

Commenting on the financial performance, Makarand Padalkar, CFO, i-flex solutions said, “Our focused initiatives to improve manpower utilization, operational efficiencies coupled with prudent cost management has enabled us to expand margins across the board. We have also seen accelerated collections which has reduced overall DSO from 110 to 102 days.”

N.R.K. Raman, managing director and CEO, i-flex solutions said, “We are pleased to announce a strong sequential growth this quarter, with good margin gains. Our geographically well-diversified business portfolio is yielding results with the European region contributing 34 per cent of company revenues this quarter. Our joint traction with Oracle is expanding with a healthy sales pipeline as we continue to address the challenges faced by the financial services industry.”

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