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i-flex net income up 24.57%
By siliconindia
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Friday, 07 November 2003, 20:30 IST
MUMBAI: Leading provider of IT solutions to the financial sector, i-flex solutions Ltd, has posted a 24.57 per cent growth in net income at Rs 50.33 crore for the second quarter ended September 30, 2003 as compared to Rs 40.40 crore for the corresponding quarter of the previous year.
The company has posted a marginal increase in its revenues for the July-September quarter at Rs 187.03 crore as against Rs 146.41 crore last fiscal as per consolidated Indian GAAP, the company said in a release here on Friday.
The company has made a provision of Rs 12.72 crore towards income tax as against Rs 7.03 crore the previous quarter, the release added.
The release said that net income for the six month period stood at Rs 88 crore while the revenues grew by 30 per cent to Rs 370 crore as compared to the corresponding period of the previous year.
India operations CEO Deepak Ghaisas said "though the weaking dollar had impacted the IT industry, we have been able to minimise the losses significantly this quarter due to some good hedging mechanism. The situation, however, remains challenging", he added.
