I-flex fourth-quarter earnings fell 5.4% even as expenses went up

I-flex fourth-quarter earnings fell 5.4% even as expenses went up
Comment E-mail Print Share
First Published: Wed, May 02 2007. 01 03 AM IST
Updated: Wed, May 02 2007. 01 03 AM IST
Bangalore: I-flex Solutions Ltd, an Indian computer-software company controlled by Oracle Corp., said fourth-quarter profit declined 5.4% as expenses increased.
Net income fell to $32 million (Rs131.2 crore) in the three months ended 31 March from Rs140 crore a year earlier, the Mumbai-based company said in an emailed statement on Tuesday. Revenue rose 28% to Rs601 crore. India’s three largest software exporters, Tata Consultancy Services Ltd, Infosys Technologies Ltd and Wipro Ltd, beat profit expectations in the fourth quarter after winning more orders and increasing fees.
I-flex’s marketing expenses increased 26.4% to Rs71.8 crore from Rs56.8 crore, while administrative expenses rose 91.6% to Rs77.4 crore from Rs40.4 crore, the statement said.
Rajesh Hukku, chairman and managing director, will head the Financial Services Global Business Unit formed by Oracle in New York, I-flex said. N.R.K. Raman, chief operating officer, has been named managing director and chief executive officer.
R. Ravishankar, chief executive officer for international operations, and Deepak Ghaisas, chief executive officer for India operations and chief financial officer, have been promoted as vice-chairman and will join the new unit, the statement said.
Makarand Padalkar, chief of staff and head of investor relations, takes on the role of the chief financial officer, according to the statement.Shares of I-flex rose Rs38.3, or 1.5%, to Rs2,519.15 on the Bombay Stock Exchange on Monday. They have gained 29% so far this year. The stock exchange was closed on Tuesday as it was a holiday.
Comment E-mail Print Share
First Published: Wed, May 02 2007. 01 03 AM IST