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i-flex: Powering ahead - Views on News from Equitymaster

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i-flex: Powering ahead

Oct 20, 2006

i-flex solutions reported its consolidated financial results for the second quarter and half-year period ended September 2006. During the quarter, the company has recorded impressive topline growth, powered by the products business, which continues to witness improving traction, even as the services business also registered good growth. Margins powered ahead, due mainly to savings in employee and SG&A costs. The higher margins, aided also by a lower effective tax rate, led to a scorching growth in net profits for the quarter. For the half-year period, the performance has also been highly impressive, with the topline, EBITDA margins and the bottomline, all growing at outstanding rates.

Consolidated financial performance: A snapshot
(Rs m) 2QFY06 2QFY07 Change 1HFY06 1HFY07 Change
Net sales 3,497 4,991 42.7% 6,237 9,025 44.7%
Expenditure 2,968 3,893 31.2% 5,462 7,407 35.6%
Operating profit (EBDITA) 529 1,098 107.6% 775 1,618 108.7%
Operating profit margin (%) 15.1% 22.0%   12.4% 17.9%  
Other income 102 141 38.2% 154 218 41.9%
Depreciation 101 158 56.4% 205 308 50.4%
Profit before tax 530 1,081 104.0% 724 1,528 111.0%
Tax 150 147 -2.0% 190 247 30.0%
Share of profit in associate company 3 1   1 6  
Extraordinary items 1 -   (40) -  
Profit after tax/(loss) 384 935 143.5% 495 1,286 159.8%
Net profit margin (%) 11.0% 18.7%   7.9% 14.3%  
No. of shares (m) 77.2 78.9   77.0 78.9  
Diluted earnings per share (Rs)*         40.1  
P/E ratio (x)*         37.6  

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