Mumbai: i-flex Solutions reported a 9.2 per cent growth in net profit at Rs41.5 crore for the first quarter ended June 30 2004 as compared to Rs38 crore registered during the previous year''s corresponding quarter.

Revenues rose by 22.64 per cent at Rs224.2 crore (Rs183.4 crore) for the quarter-ended June 30, informed a company release.

During the quarter, i-flex added 17 new customers taking the total number to 497. The products'' business raked in Rs128 crore (Rs122 crore) of revenues for this quarter with the product tank size increasing to $43.7 million from $40.5 million in the last quarter.

The services stream reflected a 53 per cent growth at Rs 98 crore (Rs 64 crore) for the quarter-ended June 30 2004. PrimeSourcing, the service business registered growth in revenues of 53 per cent on a year-on-year basis.

The company bagged deals from a large consumer bank in the US for complex system enhancement and support, and a three year contract for setting up and managing an ODC (offshore development centre) for a large US-headquartered multinational bank

Geographically, the contribution of the US market has grown to 49 per cent, up from 42 per cent last year''s corresponding period while Europe has declined to 18 per cent (23 per cent).