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i-flex posts 69% growth in Q2
By siliconindia
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Thursday, 14 November 2002, 20:30 IST
MUMBAI: i-flex solutions limited, a provider of IT solutions to the financial services industry worldwide, Wednesday said that it posted a top line growth of 44 percent with sales for the quarter at Rs 1360 million for the period ended September 30, 2002, as compared to Rs 947 million for the corresponding period in 2001.
The net profit in the quarter stood at Rs 450 million up 69 percent as compared to the corresponding period last year. The revenue for the half-year ending September 30 2002 stood at Rs 2685 million up 48 percent as compared to the corresponding period of the previous year. The net profit for the same period went up 60 percent to Rs 892 million as against the corresponding previous period.
It acquired 19 new customers during the quarter ended September 30, 2002, and total customers serviced touched 376 across 86 countries.
The net profit for the first half stood at Rs 852 million registering a growth of 93 percent compared to Rs 441 million for the corresponding half of 2001.
Rajesh Hukku, chairman and managing director, i-flex solutions, said, We are delighted to report an outstanding quarter for i-flex. Our globally diversified and product led business model has continued to deliver results despite a challenging business environment.
While focusing on aggressive growth and investments, we have also built a culture of disciplined cost management, which resulted in profitability and improvement on many parameters. The quarters results are encouraging because of our unique hedging policy on FX and a tighter receivables management, Deepak Ghaisas, CEO Indian operations and CFO, said.