i-flex® posts 50% growth in net income at Rs.372 crore, Net income for Q4 at Rs.132 crore

Mumbai, India, May 1st 2007: The Board of Directors of i-flex solutions limited, a leading provider of IT solutions to the global financial services industry, has approved the results for the quarter and financial year ended March 31, 2007.

Speaking on the occasion, Rajesh Hukku, Chairman & Managing Director said, "The last financial year has been a historic one for i-flex as we have seen a significant increase in our traction with top tier customers in the developed economies. i-flex enjoys a healthy sales pipeline as we continue to meet the growing requirements of the global financial services industry through sustained investments."

R. Ravisankar, CEO, International Operations and Business Development said, "The strategic investments that we have been making in creating a joint value proposition with Oracle offerings has begun to pay off even as it significantly enhances the combined foot-print solution for our customers."

Commenting on the performance Deepak Ghaisas, CEO, India Operations & CFO said, "Our capacity to address large and global customers is increasing, and to meet the growing market needs, we are continuing to make significant investments in growing our infrastructure and delivery capability in India and overseas."

i-flex posted a top line growth of 28% with revenue for the quarter ended March 31, 2007 at Rs. 601 crore as compared to Rs. 470.6 crore for the corresponding quarter during the previous year. The net income for quarter stood at Rs. 132.4 crore representing 19% growth QoQ.

The revenue for the full year ended March 31, 2007 stood at Rs. 2061 crore, up 39% as compared to the previous year. The net income for the same period stood at Rs. 372.3 crore.

HIGHLIGHTS OF THE QUARTER

• Strong growth momentum for all lines of business; added 30 new customers in the quarter taking the tally of customers serviced to 753 across 128 countries.
• FLEXCUBE, i-flex’s flagship product, ranked once again as the world’s number 1 selling core banking solution in the 2006 Annual IBS sales League Table, first product to achieve this distinction for the fifth year in a row.
• Strengthened presence in Europe; opened a subsidiary in Greece
• Added a net of 522 employees in the quarter, taking the total strength of group for software and services business to 8034 (up from 6315 at end of March 06); KPO business staff strength stands at 1034 (up from 543 at end of March 06).

Source : Equity Bulls

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