i-flex Q3 net jumps 57% to Rs 91 cr

Banking software product and service provider i-flex Solutions has reported a 57.1% y-o-y rise in net profit in the third quarter(Q3) ended December 31, 2006, reports Our Bureau. Net profit was Rs 91.05 crore against Rs 57.95 crore for the comparable period in FY06. Revenues were placed at Rs 395.56 crore(Rs 297.47 crore) translating to a 32.97% rise. On a consolidated basis, i-flex has seen its net profit at Rs 111.2 crore against Rs 48.2 crore indicating a growth of 130.7% while revenues were Rs 557.4 crore indicating a y-o-y growth of 44%. The contribution from non-Citigroup clients stood at 52% of while the product revenues rose by an impressive 52% y-o-y. Citigroup holds a controlling stake in i-flex. “We are witnessing a significant mindset change in the global financial industry with greater attention to the state of ageing core systems. The combined Oracle/i-flex force is already making a difference in winning several top tier names as customers,” said Rajesh Hukku, CMD, i-flex. “i-flex’s continued growth and success is a result of its proven ability to deliver end-to-end solutions that meets the real business needs of financial institutions around the world, addressing their most pressing concerns and arming them with competitive advantage,” said Mr R Ravisankar, CEO, international operations and business development, i-flex. “As the company is expanding global operations, we are judiciously investing in creating a highly responsive infrastructure to support growth,” said Deepak Ghaisas, CEO, India operations & CFO, i-flex. Incidentally, the contribution from non-Citigroup was placed at 52% of the revenues while the product revenues rose by an impressive 52% y-o-y. Overall i-flex added 42 new customers for the group taking the total number of customers to 723. The third quarter saw a gross addition of 989 employees taking the total staff strength of the group to 8,546 indicating a 28% y-o-y. The acquisition of Mantas brought in 25 relationships for i-flex of which 16 were new-name customers.