I-flex solutions Q2 net dips 24.1 pc at Rs 76.58 cr

New Delhi, Oct 26: I-flex solutions today said its net profit dipped by 24.1 per cent to Rs 76.58 crore for the quarter ended September 30, as compared to Rs 100.94 crore for the corresponding period a year sgo.

The company's revenue rose by 9.6 per cent at Rs 435.17 crore for the quarter compared with Rs 396.80 in the same quarter in 2006, a company statement said.

The Group's net income decreased by 6.5 per cent to Rs 87.4 crore for the quarter, as compared to Rs 93.5 crore for the same quarter in 2006.

The revenue increased by 15.3 per cent to Rs Rs 575.8 crore for the quarter ended September 30, as compared to Rs 499.2 crore for the same period in 2006, the company statement added.

I-flex board recently approved the acquisition of Castek and the transaction is expected to close by March 2008.

Headquartered in Toronto, Castek is a provider of core insurance-business processing systems for large and mid-sized Property and Casualty (P&C) insurers.

UNI