i-flex Q2 net at Rs 53.12 cr

i-flex Solutions Ltd on Friday today posted a 42.48 per cent rise in net pofit of Rs 53.12 crore (Rs 531.2 million) for the quarter ended September 30, 2005 as compared to Rs 37.28 crore (Rs 372.8 million) in the same period last fiscal.

The total revenue has increased 35.12 per cent to Rs 272.78 crore (Rs 2.72 billion) for the second quarter ended September 30, 2005 from Rs 201.87 crore (Rs 2.01 billion) in the year-ago period, the company informed the Bombay Stock Exchange.

The company has posted a net profit of Rs 61.11 crore (Rs 611.1 million) for the half year ended September 30, 2005 as compared to Rs 74.91 crore (Rs 749.1 million) in corresponding period in 2004-05.

The total revenue increased to Rs 484.03 crore (Rs 4.84 billion) for the first half of current fiscal from Rs 382.56 crore (Rs 3.82 in H1-2004-05).

"We are witnessing a significant mindset change in the global financial industry with greater attention to the state of ageing core systems. The strength we have gained with the investment by Oracle in i-flex is helping to further accelerated our business momentum," Rajesh Hukku, chairman and managing director, i-flex,  said.

The board of directors have allotted 60,402 equity shares of face value of Rs 5 each to the applicant employees of the company under its Employees Stock Option Scheme 2002.