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i-flex: Expanding its wings

Nov 7, 2003

i-flex solutions, the leading software solutions provider to the global banking industry, has reported strong 2QFY04 results with topline and bottomline growing by 29% and 25% respectively, on a YoY basis. The performance for the first half ending September has also been good with revenues and profits improving by 30% and 9% respectively. However, while the company managed to improve upon its operating margins for 2QFY04 by 50 basis points, 1HFY04 saw its margins declining by 270 basis points.

Financial performance: A snapshot
Rs m 2QFY03 2QFY04 Change 1HFY03 1HFY04 Change
Sales 1,450 1,870 29.0% 2,846 3,705 30.2%
Other Income 62 75 21.1% 94 58 -38.0%
Expenditure 1,002 1,282 28.0% 1,935 2,619 35.3%
Operating Profit (EBDIT) 448 588 31.2% 911 1,086 19.3%
Operating Profit Margin (%) 30.9% 31.4%   32.0% 29.3%  
Interest - -   - -  
Depreciation 37 33 -12.3% 70 62 -11.5%
Profit before Tax 473 631 33.3% 934 1,082 15.8%
Extraordinary items (2) -   (2) -  
Tax 67 127 88.6% 128 198 54.5%
Profit after Tax/(Loss) 404 503 24.6% 805 885 9.9%
Net profit margin (%) 27.9% 26.9%   28.3% 23.9%  
No. of Shares 34.2 76.1   34.2 76.1  
Diluted Earnings per share* (Rs) 21.2 26.5   21.2 23.2  
P/E Ratio (x)   26.8     30.5  
(* annualised)            

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