I-flex posts Q3 results

Source: i-flex

Financials at a glance for the quarter ended December 2007:

  • Revenues - Rs. 620 Crore (+8% QoQ)
  • EBIDTA - Rs. 133 Crore (+39% QoQ)
  • Operating Income - Rs. 114 Crore (+50% QoQ)
  • Net Income - Rs. 107 Crore (+22% QoQ)

Highlights of the Quarter
  • 14 New customers signed for the group, includes 9 customers for the products business
  • Strategic multi-country wins in this quarter include China Trust Commercial Bank, largest private bank in Taiwan, and a leading international banking group headquartered in Europe; reaffirms FLEXCUBE as the preferred platform for standardization and centralization of technology & operations.
  • Deepens penetration in Russia market with a significant core banking rollout for one of the top ten provider of banking services.
  • Record collection of US$ 172 million for the quarter, DSO improve to 102 days from 110 days in the last quarter
  • Launches FLEXCUBE Private Banking Suite: To focus on Asia, Europe and Latin America
  • European business continues to grow impressively, contributing 34% to company's revenues this quarter.
  • Signed license fee of US$23.3 Million in the quarter.
  • Three new wins for our consumer Lending solution in the US
  • i-flex Process Framework for Banking (iPFB) notches initial wins in the current quarter.
  • Five new customers added for the PrimeSourcing business, majority of them in the investment and capital markets area
  • PrimeSourcing signs multi-year repeat orders with existing relationships
  • New win for Reveleus Basel II solution in EMEA region.

Mumbai, January 22, 2008: 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 December 31, 2007.

Speaking on the occasion, N.R.K. Raman, Managing Director and CEO, i-flex solutions said, "We are pleased to announce a strong sequential growth this quarter, with good margin gains. Our geographically well diversified business portfolio is yielding results with the European region contributing 34% of company revenues this quarter. Our joint traction with Oracle is expanding with a healthy sales pipeline as we continue to address the challenges faced by the financial services industry".

Commenting on the financial performance, Makarand Padalkar, CFO, i-flex solutions said, "Our focused initiatives to improve manpower utilization, operational efficiencies coupled with prudent cost management has enabled us to expand margins across the board. We have also seen accelerated collections which has reduced overall DSO from 110 to 102 days".

Financial Results for the quarter ending December 31, 2007

Consolidated Indian GAAP:

i-flex posted a top line growth of 11% YoY with revenue for the quarter ended December 31, 2007 at Rs. 619.6 crores as compared to Rs. 557.4 crores for the corresponding quarter during the previous year. The revenue for the nine months ended December 31, 2007 stood at 1708.7 crores representing an increase of 17% over the corresponding nine month period in the last financial year. The net income for the quarter stood at Rs. 106.7 crores representing 22% growth compared to previous quarter.

Read the consolidated statement here:» Download the document now 61 kb (PDF File)

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