i-flex Q1 net up at Rs 42 cr

i-flex Solutions on Friday reported a 615 per cent increase in consolidated net profit of Rs 41.50 crore (Rs 415 million) for the first quarter ended June 30, 2006 when compared with Rs 5.80 crore (Rs 58 million) in Q1 FY06.

According to a release issued by the company to the Bombay Stock Exchnage on Friday, the revenue increased to Rs 407.50 crore (Rs 4.07 billion) from Rs 270.10 crore (Rs 2.70 billion) in Q1 FY06.

Rajesh Hukku, chairman & managing director of the company, said, "Our comprehensive solutions portfolio is helping financial institutions worldwide gain leadership in their business. We are delighted with the top ratings that the industry analysts like Gartner, Forrester and Celent have given to Flexcube and Reveleus, and a consistent streak of top-tier wins for our products and services in the US, Europe and Japan."