I-flex Q1 net income up

Source: i-flex

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 ended June 3O, 2007.

Speaking on the occasion, N R K Raman, CEO and Managing Director, i-flex solutions, said, "We continue to enjoy strong traction with large global accounts especially in Europe and Japan. We are witnessing significant cross sell of our product and service offering to our current installed base. We are also making rapid progress in delivering the joint solution footprint along with Oracle Financial Services Global Business Unit (FSGBU), thus sustaining our leadership position in the market."

Makarand Padalkar, CFO, i-flex solutions, added, "We continue to invest for the future in R&D, our global reach and our infrastructure. At the same time, we are able to manage the inflationary pressure through improved internal efficiencies. By effective treasury management, we have managed to limit the exchange gain/loss and increase interest income."

Financial Performance
Financial Results for the quarter ending June 30, 2007 (All the amounts in Rs. crore)

Consolidated US GAAP:

i-flex posted a top line growth of 31% with revenue for the quarter ended June 30, 2007 at Rs. 532 crore as compared to Rs. 407.5 crore for the corresponding quarter during the previous year. In dollar terms, the increase is 48%.

The operating income for the quarter registered 63% increase (85% in dollar terms); while because of higher impact of the exchange revaluation, the net income stands at Rs. 41.5 crore - at the same level as the corresponding quarter in the previous year.

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