iflex Q1 net at Rs 36 crore

MUMBAI, INDIA: iflex solutions limited has posted net income of Rs 36.7 crore for the first quarter ended on 30 June 2007, a marginal rise by 5 per cent, when compared to Rs 35.1 crore posted during the corresponding quarter previous year.

The company posted a growth of 27 percent with revenue at Rs 513 crore as compared to Rs 403 crore for the corresponding quarter during the previous year.

In US dollar terms the company’s net income and revenues grew 13 per cent and 48 per cent respectively yoy.

NRK Raman, CEO and managing director, iflex 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.”

“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,” added Makarand Padalkar, CFO, iflex solutions.

The company added 12 new customers in this quarter; in addition, 10 customers added through cross selling. The staff headcount on June 30, 2007 stood at 9,533, a net addition of 465 employees in the quarter