Financial Tech net touches Rs 536.9 cr

Financial Technologies — a technology solutions provider for equity, commodities, forex and bond markets — has reported a 15.23 times jump in its standalone net profit which touched Rs 536.9 crore for the third quarter ending December 31, 2007, as compared to Rs 37.4 crore in the corresponding period last fiscal. The company does not provide consolidated quarterly figures.

Riding on the back of a 27 per cent quarter-on-quarter growth in its software business, the company also reported a 12.56 times year-on-year jump in its total income during the quarter under review — from Rs 57.1 crore to Rs 719.2 crore. The EBITDA (operating profit) margin increased 20 per cent to stand at 97 per cent.

In the third quarter, the cumulative number of licenses grew by 27 per cent to 284,000, from 225,000 in the trailing quarter.

Dewang Neralla, wholetime director, said: “During this quarter, a journey towards India’s first online electricity trading platform was initiated in the form of Indian Energy Exchange Limited (IEX).

IEX launched its membership drive in this quarter and has already received expression of interest from over 100 applications for membership.

Our ecosystem ventures also continued to complement the exchange ventures with National Bulk Handling Corporation Limited (NBHC) emerging as a credible platform for collateral management.”