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News >> Technology >>
i-flex 2002-03 consolidated net profit up 48%
By siliconindia
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Friday, 16 May 2003, 19:30 IST
MUMBAI: Leading IT software solutions provider, i-flex Solutions Ltd has reported a 48 per cent rise in consolidated net profit at Rs 170.88 crore for the financial year ended March 31, 2003, compared to Rs 115.29 crore posted in the previous fiscal.
The board, which met on Friday, has recommended 50 per cent dividend (Rs 2.5 per share), the company said in a release.
Consolidated revenues as per Indian GAAP increased by 45 per cent at Rs 609.85 crore as against Rs 419.47 crore recorded in 2001-02, it said.
On a standalone basis, the company reported a higher net profit at Rs 174.37 crore (Rs 126.76 crore) while revenues rose to Rs 563.83 crore (Rs 415.02 crore).
For fourth quarter ended March, the net profit dipped to Rs 32.48 crore (Rs 35.86 crore). The revenue income grew to Rs 145.03 crore (Rs 121 crore), it said.
As per the US GAAP, consolidated net profit went up by 71 per cent at Rs 177 crore and revenues increased by 46 per cent at Rs 636 crore.
I-flex said product revenues for the year accounted for 64 per cent of the total revenues up from 60 per cent in the last financial year.
"Our product-led business model has truly reinforced our ability to grow despite a challenging business environment. We continue to invest in global sales and marketing infrastructure and branding efforts to sustain this momentum", the company's chairman and managing director, Rajesh Hukku said.
R. Ravisankar, CEO (International Operations and Technology) said, "Our strategy of focusing on domain expertise and intellectual property, coupled with global diversification, is clearly resulting in increased business momentum. We are making progress towards our goal of becoming the globally preferred IT solutions provider to the financial services industry."
Commenting on the results, Deepak Ghaisas, CEO (India Operations) and CFO, said, "The last financial year has seen the company perform better than ever before. We are delighted to report significant growth both in both revenues and earnings, driven by our growth-oriented and well -hedged business model."