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i-flex solutions Q2 net up 24.57%

November 07, 2003 15:20 IST

i-flex solutions has posted a 24.57 per cent growth in net income at Rs 50.33 crore (Rs 503.3 million) for the second quarter ended September 30, 2003 as compared to Rs 40.40 crore (Rs 404 million) 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 (Rs 1.87 billion) as against Rs 146.41 crore (Rs 1.46 billion) last fiscal as per consolidated Indian GAAP, the company said in a release in Mumbai on Friday.

The company has made a provision of Rs 12.72 crore (Rs 127.2 million) towards income tax as against Rs 7.03 crore (Rs 70.3 million) the previous quarter, the release added.

The release said that net income for the six month period stood at Rs 88 crore (Rs 880 million) while the revenues grew by 30 per cent to Rs 370 crore (Rs 3.70 billion) as compared to the corresponding period of the previous year.

India operations CEO Deepak Ghaisas said, "Though the weakening 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.

The release said the total number of customers serviced increased to 432, up from 419 the previous quarter and added 13 customers for Flexcube.

The company added 254 new employees and now has a staff strength of 2,600 as against 2,429 the preceding quarter, the release added.

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