i-flex profits jump in Q1

By agencies   |   Friday, 28 July 2006, 07:00 Hrs
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BANGALORE: Oracle owned Indian banking software maker i-flex solutions see a 7-times profit jump in the Q1 of 2006. Its revenue rose 51 percent to Rs 4.08 billion.

I-flex, which gets more than half its revenue from Flexcube, a banking software product, is currently adding two top banks every quarter to its list of customers. I-flex was winning large clients as banks looked to cut costs.

"We continue to see rapid growth across the entire portfolio," R. Ravisankar, CEO for international operations and business development, said in a statement.

The company is now facing higher-wage costs although a 3.1 percent depreciation of the Indian rupee against the dollar in the past quarter has helped the firms. However, I-flex took a hit of 2.1 percent in gross profit margins because of higher wages in April-June.

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