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i-flex: Pangs of growth!

Jan 30, 2004

i-flex solutions, the leading software solutions provider to the global banking industry, has reported disappointing results for the quarter and nine-months ended December 2003. While for 3QFY04, the bottomline has declined by a substantial 32% YoY, the decline in profits for 9mFY04 has been to the tune of 6% YoY. The fall in the bottomline is despite revenues growth of 28% and 29% respectively for 3QFY04 and 9mFY04. The company's performance on the operating margins front has been dismal as well and the same have fallen by 850 and 500 basis points respectively for the quarter and nine-months.

Financial performance: A snapshot
Rs m 3QFY03 3QFY04 Change 9mFY03 9mFY04 Change
Sales 1,624 2,084 28.3% 4,479 5,788 29.2%
Other Income 76 63 -17.2% 155 121 -21.7%
Expenditure 1,086 1,571 44.7% 3,019 4,190 38.8%
Operating Profit (EBDIT) 538 512 -4.7% 1,460 1,598 9.5%
Operating Profit Margin (%) 33.1% 24.6%   32.6% 27.6%  
Interest - -   - -  
Depreciation 38 36 -6.3% 108 98 -9.6%
Profit before Tax 576 540 -6.3% 1,506 1,622 7.7%
Extraordinary items - -   2 -  
Tax 55 183 231.4% 183 381 107.9%
Profit after Tax/(Loss) 521 356 -31.5% 1,325 1,241 -6.4%
Net profit margin (%) 32.1% 17.1%   29.6% 21.4%  
No. of Shares 34.2 76.1   34.2 76.1  
Diluted Earnings per share* (Rs) 27.4 18.7   23.2 21.7  
P/E Ratio (x)   32.6     28.1  
(* annualised)            

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