i-flex solutions, an IT solution provider to the financial service industry, has registered a consolidated net profit of Rs 35.64 crore (Rs 356.4 million) for third quarter ending December 31, 2003.
The company's consolidated revenue as per Indian GAAP for the reporting quarter stood at Rs 208.35 crore (Rs 2.08 billion), i-flex said in a release in Mumbai on Friday.
For the nine months, the consolidated net profit and revenues were Rs 124.1 crore (Rs 1.24 billion) and Rs 578.81 crore (Rs 5.79 billion) respectively.
On a standalone basis, the company has posted a drop in net profit at Rs 36.11 crore (Rs 52.69 crore in Q3 of last year). Total income has increased from Rs 152.15 crore (Rs 1.52 billion) to Rs 181.19 crore (Rs 1.81 billion) for the quarter ended December 31, 2003.
i-flex solutions chairman and managing director Rajesh Hukku said, "We are experiencing better traction in the advanced markets and with our capability to address complex challenges relating to larger financial institutions has grown."
During Q3, i-flex acquired SuperSolutions Corporation, a specialised consumer lending solutions provider.