i-flex revenue up 28%

BANGALORE: Financial software solutions provider, i-flex solutions limited, posted a growth of 28 per cent with revenue for the quarter ended December 31, 2003 at Rs208.4 crore as compared to Rs162.4 crore for the corresponding quarter during the previous year. The net income for the quarter stood at Rs35.6 crore.

Gross profit for the quarter was registered at Rs116.14 crore as against the previous year’s Rs98.4 crore, representing a growth of 18 per cent. This includes one-time extraordinary item as well as specific research and development investments to the tune of Rs7 crore.

Rajesh Hukku, Chairman & Managing Director said, "we are experiencing better traction in the advanced markets and with that our capability to address complex challenges relating to larger financial institutions has grown."

The company recruited 224 new employees to increase its net staff strength to 2744 during the quarter, up from 2600 in the preceding quarter. It also added 18 new customers during the three-month period to increase the total customers to 450, up from 432 in previous quarter.

R Ravisankar, CEO, International Operations and Technology added, "our globally diversified business model and balanced portfolio of solutions continues to deliver growth. We continue to invest in enhancing the capability of our solutions to address the key priorities of our growing customer base."

Deepak Ghaisas, CEO, India operations & CFO said, "our substantial investments in people, infrastructure and sales & marketing across the globe is enabling us to acquire the capability and reach needed to address the growing market opportunities."

CIOL Bureau