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i-flex: Spending on growth

May 26, 2004

i-flex solutions, the leading core banking software provider, has reported strong results for the quarter ended March 2004, where topline and bottomline have improved YoY by 26% and 43% respectively. For FY04, however, while revenues have grown YoY by 28%, profits have witnessed a marginal 5% growth. On the profitability front, operating margins for 4QFY04 and FY04 have declined by 120 and 440 basis points respectively, mainly due to higher operating expenditure.

Financial performance: A snapshot
(Rs m) 4QFY03 4QFY04 Change FY03 FY04 Change
Net sales 1,665 2,093 25.7% 6,141 7,881 28.3%
Other income (34) 18 -152.9% 98 136 38.8%
Expenditure 1,145 1,465 27.9% 4,138 5,655 36.7%
Operating profit (EBDITA) 520 628 20.8% 2,003 2,226 11.1%
Operating profit margin (%) 31.2% 30.0%   32.6% 28.2%  
Interest - -   - -  
Depreciation 43 (47) -209.3% 151 51 -66.2%
Profit before tax 443 693 56.4% 1,950 2,311 18.5%
Extraordinary items 10 - 12 2  
Tax 70 146 108.6% 253 527 108.3%
Profit after tax/(loss) 383 547 42.8% 1,709 1,786 4.5%
Net profit margin (%) 23.0% 26.1%   27.8% 22.7%  
No. of shares (m) 73.6 76.9   73.6 76.9  
Diluted earnings per share (Rs)* 19.9 28.5   22.2 23.2  
P/E ratio (x)         23.8  
(* annualised)            

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