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, 2006.
Highlights of the Quarter (financials as per US GAAP):
- Excellent revenue and bottom line growth in the quarter; revenue grows 15% QoQ to Rs 457.7 crore. Net income for the quarter registers 109% QoQ growth.
- Full year revenue stands at Rs 1483.5 crore up 30% YoY.
- The net income for the full year stands at Rs. 219.0 crores up 8%. When compared with last years earnings without considering the amortization arising out of intangibles of acquisitions and losses recorded in the KPO business, which is in investment phase, the profits show a growth of 16% on a full year basis.
- Added 27 new customer relationships for the group; highest ever in a quarter.
- Gross addition (excluding our KPO business - Equinox) of 464 employees in the quarter and 2,701 employees in the financial year.
- The total staff strength of the group inclusive of KPO business increases to 6,858 – an increase of 44% over the period ended March 2005
Speaking on the occasion, Rajesh Hukku, Chairman & Managing Director said, "Last year has been a momentous one for i-flex as we have seen a significant increase in our traction with top tier customers. The leadership we are gaining in our various lines of business is creating a strong foundation for future growth."
R. Ravisankar, CEO, International Operations and Business Development added, "Our globally diversified business model and balanced portfolio of solutions continues to deliver strong growth. We continue to reinforce our position of leadership in IT solutions for the financial services industry by empowering our customers with competitive advantage."
Commenting on the financials Deepak Ghaisas, CEO, India Operations & CFO said, "The significant investments we have made this year are with the objective of building the foundation for the next stage of growth for the Company. In a highly competitive environment, we have demonstrated superior operational performance, while investing substantially for the future."
The board has recommended a dividend of 100% for the year.
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