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i-flex Solutions Look Ma, No Citi

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DQI Bureau
New Update

PERFORMANCE HIGHLIGHTS

  • Grew by 39%
  • Picked up stakes in timesofmoney.com and dotxinternational
  • Operating margin down to 35%
  • Productivity per person went up to Rs 20 lakh.
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Citicorp Information Technologies,

which re-christened it-self as i-flex Solutions, showed a modest growth of 39%

in its turnover, to record Rs 197 crore in the last fiscal as compared to Rs 141

crore during the previous year. The net profit of the company also went up by

37%. The operating margin fell to 35% in the last fiscal as compared to 35% the

previous year.

The company had made large investments

in infrastructure and towards getting into new markets like Latin America and

Europe. That, along with the banks worldwide going for a lock-in period during

the fourth quarter of the last fiscal due to the Y2K problem, definitely made a

dent on the growth of the company as well as on its margins.

However,

Citicorp was able to bag new customers and as of June 30, 2000, it had 42

customers in 25 countries. The company also entered the dotcom arena by picking

up stake in timesofmoney.com, to be a financial infomediary by providing the

needed technology. It also had a 49% stake in dotxinternational, which was

floated by the National Stock Exchange, as a trading portal for investors.

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Citicorp

is also looking at tapping the Latin American, Asia-Pacific and Indian markets

to form either joint ventures or subsidiaries. i-flex has not been able to make

inroads into the domestic market, with a mere 2% of the revenue coming from

there.

The

company has plans to move its Flexcube Information Center product into the US

market in this fiscal. It is also working towards enabling WAP phones for banks

and for providing non-conventional access to banks. DQ

Fact Sheet

START-UP YEAR: 1989 PRODUCTS AND SERVICES: Banking and

financial software EMPLOYEES: 965 BRANCH OFFICES: 3 DEALER OUTLETS: 31 ADDRESS:

Unit 10/11, SDF 1, SEEPZ, Andheri (East), Mumbai - 400 096 TEL: 829 1020 FAX:

829 2767 WEBSITE: www.iflexsolutions.com

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