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Here you will find all the research and views that we post on Equitymaster. Use the tools to customize the results to suit your preference!


Software products: Indian IT's next destination?

(Aug 22, 2008)

The Indian technology sector has grown by leaps and bounds in the last two decades. The factor that has contributed to this growth has been export of software services. But there is another area of software product business which has not yet been exploited and which can emerge as major growth driver for companies in the future.

Software: Preview 4QFY05...

(Apr 4, 2005)

The bulls in the markets seem to be back on track in the last week, after a largely bearish sentiment prevailed in the past few trading sessions. The apprehension was mainly on account of a number of factors. These included broker margin calls, year-end adjustments, higher US rates, reflecting the possibility of FII money flowing out of the markets, high crude oil prices, which could impact corporate profitability and profit booking after the markets touched their lifetime highs. Towards the end

i-flex: Flexing its muscles globally!

(Apr 1, 2005)

i-flex Solutions is a member of a rare breed in the Indian software industry – it is one of the few in the software space that earns a majority of its revenues from software products. Other software companies like industry bellwether Infosys and Geometric Software also have their own products, but they do not form a really significant part of their revenues.

i-flex: Back to basics...

(Mar 23, 2005)

i-flex Solutions is a mid-sized software company that operates in a highly specialised area. It is a niche player in the sense that its strategy is to focus exclusively on the banking and financial services industry. It provides software products, services and consulting to the banking, financial services, investment banking, brokerage and insurance industries.

i-flex: Taking the rough with the smooth!

(Mar 21, 2005)

i-flex solutions is India's premier software products company, operating in the banking, financial services and insurance (BFSI) space. It is the only software company in India that derives most of its revenues from software products (61% in FY04). Its flagship product, Flexcube, has been ranked as the number one selling retail and wholesale banking solution by International Banking Systems (IBS) for three years in a row. Flexcube is a comprehensive retail, corporate and investment banking solut

i-flex: Past performance, future promise…

(Feb 14, 2005)

In the entire gamut of the Indian software space, there is one company that has brought much-needed recognition to the ‘Made in India’ brand through its world-class product portfolio. The company is i-flex Solutions, which provides comprehensive IT solutions to the Banking, Financial Services and Insurance (BFSI) vertical. It is mainly a products company (61% of revenues in FY04), with services making up the balance.

i-flex : Sour times!

(Oct 29, 2004)

i-flex solutions (i-flex) has reported poor results for the quarter and half year ending September 2004. While topline growth for both the periods has been good, rising expenditure and consequent decline in operating margins has taken toll on profits, which have declined on a YoY basis.

i-flex: Pressure takes its toll!

(Sep 2, 2004)

Within the highly competitive Indian technology space, where companies are vying to capture the market share and 'mind-share' of global clients, there are a few who have created a niche for themselves and have even emerged successful in their endeavors of increasing their reach in the global marketplace.

i-flex: Scaling new frontiers...

(Mar 5, 2004)

In adding another feather to its cap, i-flex’s flagship product, Flexcube, has been ranked the number one selling banking solution in the world in 2003 by IBS, UK. This comes second year in running for the company that has brought much recognition to the ‘Made-in-India’ tag through ‘Flexcube’. The company has gained significantly from the consolidation that is taking place in the global banking and financial services industry. Let us take a look at the company’s performance in recent times.

i-flex: Making global strides…

(Dec 30, 2003)

One of the very few Indian software companies that have outperformed the benchmark Sensex over the period beginning January 2003 till date is i-flex, the owner of the world’s largest selling core banking product in FY03 – Flexcube. While the Sensex has returned Rs 169 for Rs 100 invested in the beginning of the year, the gains on i-flex have been greater at Rs 198 (or 98%). These returns are not only a factor of the overall market rally but also because of the factors internal to i-flex and the

i-flex solutions - Research Report

(Nov 6, 2003)

i-flex solutions ltd. is India's largest software product company. Incorporated in 1989 as CITIL (Citicorp Technologies), it is focused on providing software solutions in the banking, financial services and insurance space. i-flex's portfolio of offerings comprise Flexcube, an end-to-end product suite for retail, corporate, investment and internet banking, asset management and investor servicing. The services portfolio comprise of custom application software development, maintenance and support

"Customers will try to reach for us..."

(Sep 11, 2003)

In an interview with Equitymaster, Mr. Ghaisas talks about the global banking software services space, the unique business model of i-flex and his vision for the company for the future.

Software: Flexcube Vs Globus

(Aug 8, 2003)

The title of this article might seem surprising at the first glance, but when one considers the importance of these two brands for their respective companies, i-flex and Temenos, doubts are more than cleared. In this article, we try to bring out a comparison between these two leading providers of software solutions to the global banking and financial services industry.

i-flex: Bottomline blues

(Aug 1, 2003)

i-flex Solutions, world’s leading provider of solutions to the banking industry, has reported a standalone YoY topline growth of 23% for June quarter. On a consolidated basis, the revenues have grown by a higher 32% for the same period. However, relatively higher expenses and lower other income has resulted in standalone profits declining by around 9% and consolidated profits by 5% YoY. Also, operating margins have taken a severe hit, and are down by 580 basis points for the standalone entity.

i-flex: March quarter disappoints

(May 16, 2003)

i-flex Solutions has reported a 37% rise in its net profit for the year ended March 2003. However, the profits are down 38%, sequentially, for 4QFY03. On the revenue front, the standalone figure is reported to be 36% up for FY03, while for the final quarter, the revenues have seen a degrowth of 3.5%. Importantly, while the company has managed to hold on to its operating margins for the full year, the last quarter witnesses a substantial dip of over 1,000 basis points for the same. This was mainl

i-flex: Broadening portfolio

(Mar 27, 2003)

i-flex has had a dream run on the bourses. The stock listed on the bourses in June 2002 at Rs 530. It currently trades at a market price of Rs 933, a rise of more than 76% in less than a year. The company’s blockbuster product, FLEXCUBE, has been key driver behind the company’s success. Infact the product has been consistently ranked among the world’s best selling universal banking solution by International Banking Systems (IBS), UK – an independent research firm.

Software products: A tough job

(Mar 10, 2003)

The Indian software sector still has a long way to go before revenues from software products become a sizeable part of the industry’s revenues. In FY02, the software sector had revenues of US$ 10 bn of this only US$ 400 m was from software products (0.4% of total revenues). However, within this small segment, we have success stories like i-flex solutions that is recognized to be one of the best solutions providers globally.

i-flex: YoY performance saves day

(Nov 20, 2002)

i-flex, the Citi group promoted financial products and software services major, announced encouraging September quarter results recently. While its QoQ performance had been lacklustre, its YoY performance was remarkable. On a QoQ basis, the company's topline and bottomline grew by a marginal 3% and 2% respectively. The bottomline growth was aided to a considerable extent by the doubling of other income. If the other income effect is removed, then net profits would have actually fallen by 6% on a

"Just like ‘Intel inside’, every bank should have a ‘FLEXCUBE inside’. "

(May 25, 2002)

In an interview Equitymaster.com Mr. Ghaisas talks about the Indian IT industry, the unique business model of i-flex and his vision for the company going forward.

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