i-flex Solutions Q2 Income Up 24.6%

Mumbai, Nov 7: | Updated: Nov 8 2003, 05:30am hrs
i-flex Solutions, which provides IT solutions to the financial services industry, has posted a 24.57 per cent growth in net income at Rs 50.33 crore for the second quarter ending September 30, 2003 as compared to Rs 40.40 crore for the corresponding quarter of the previous year.

The revenues for the period ended September 30, 2003 stood at Rs 187 crore as against Rs 146 crore for the corresponding quarter of the previous year thereby posting a 28 per cent growth.

According to a company release, the revenue for the half-year ending September 30, 2003 stood at Rs 370 crore up 30 per cent as compared to the corresponding period of the previous year. The net income for the same period stood at Rs 88 crore.

The release added that the total number of customer serviced had increased to 432, up from 419 the previous quarter. Furthermore, the company has added 13 customers for FLEXCUBE and FLEXCUBE has won a large deal in Canada thereby signifying expansion in the North American region.

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. FLEXCUBEs country presence has increased to 74 up from 67 in the previous quarter. The company has added Canada, Romania, Serbia, Gabon, Cameron and Israel.