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i-flex posts 73% QoQ gwth in net income at Rs 185cr

This article was posted on May 6, 2008 and is filed under Press Releases

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, 2008. Same as last year, the Board of Directors have not recommended any dividend this financial year.

Speaking on the occasion, N.R.K. Raman, Managing Director and CEO, i-flex solutions said, “Our solutions portfolio for the financial services industry continues to grow at a rapid pace with launch of new, innovative products & services and we are pleased to see strong results of these initiatives. We had a record initial License fee signing of US$36 million for products this quarter, addition of 22 new name customers covering established EMEA/Japan region to emerging Latin America markets. We continue to reinforce our position of leadership in the financial services applications business by creating significant competitive advantage for our customers.” He added, “Our integration with Oracle Corporation is progressing well and we will build on the combined strengths, synergies, scale and efficiencies that our customers expect from us”.

Commenting on the financial performance, Makarand Padalkar, CFO, i-flex solutions said, “We have delivered robust growth and improvement in the margins this quarter across all lines of our business on the strength of strong customer signings and our investments in improving operational efficiency.”

Financial Performance

Consolidated Indian GAAP:

i-flex posted a top line growth of 8% QoQ with revenue for the quarter ended March 31, 2008 at Rs 672 crore as compared to Rs 601 crore for the corresponding quarter during the previous year representing a 12% YoY growth. The net income for quarter stood at Rs 185 crore representing 73% growth QoQ.

The revenue for the full year ended March 31, 2008 stood at Rs 2,380 crore, up 15% as compared to the previous year. The net income for the same period stood at Rs 416 crore up 12%.

Sourced From: Adfactors Public Relations Pvt Ltd

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