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I-flex profit slides on a strong rupee

I-flex profit slides on a strong rupee
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First Published: Wed, Jan 23 2008. 12 44 AM IST
Updated: Wed, Jan 23 2008. 12 44 AM IST
Bangalore: Officials from Indian banking software maker i-flex Solutions said on Tuesday that the firm’s quarterly profit fell 3.6% because of a stronger rupee and other expenses, but the information technology company saw no slowdown on account of the global financial turmoil.
The firm, majority owned by US business software firm Oracle Corp., sees strong business momentum as new international banking standards boost investments on technology, i-flex’s chief financial officer Makarand Padalkar said.
“We need to be cautiously optimistic,” Padalkar told Reuters. “Clearly, the situation is not something that people have kind of figured out. They are still saying that people are finalizing their budgets. We have not seen any clear impact of people cancelling projects or anything like that sort...so far we have not seen any impact, but at the same time, I wouldn’t say that we have seen the full picture unravelling.”
The company said consolidated net profit fell to Rs107 crore in the fiscal third quarter ended 31 December, from Rs111 crore reported a year ago under the Indian accounting rules. Padalkar said the earnings were hurt because of a stronger rupee.
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First Published: Wed, Jan 23 2008. 12 44 AM IST
More Topics: i flex | Profit | Rupee | Banking Software | Results |