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i-flex: Lower base effect
Jul 28, 2006

i-flex solutions has reported its consolidated financial results for the first quarter ended June 2006. During the quarter, topline has registered strong growth, driven primarily by the product business on the back of increased traction in its flagship core banking product, Flexcube. The services business has also shown decent growth. Margins powered ahead, driven by savings in selling, general and administrative (SG&A) expenses. Higher operating margins, coupled with higher other income has resulted in the bottomline growing at a scorching pace during the quarter. However, it should be noted that this growth is on a lower base, considering the fact that in 1QFY06, the net profits fell by as much as 73% YoY.

Consolidated financial performance: A snapshot
(Rs m) 1QFY06 1QFY07 Change
Net sales 2,740 4,033 47.2%
Expenditure 2,494 3,513 40.9%
Operating profit (EBDITA) 246 520 111.5%
Operating profit margin (%) 9.0% 12.9%  
Other income 50 78 54.7%
Depreciation 103 150 45.5%
Profit before tax 193 447 132.1%
Tax 40 100 153.5%
Share of profit in associate company (2) 4  
Extraordinary items 40 -  
Profit after tax/(loss) 112 351 213.7%
Net profit margin (%) 4.1% 8.7%  
No. of shares (m) 77.2 78.3  
Diluted earnings per share (Rs)*   33.4  
P/E ratio (x)*   39.8  

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