i-flex net profit grows 50 percent

MUMBAI: i-flex solutions posts net profit of Rs 372.3 crore for the year 2007-08 with a growth of 50 per cent over the same period last year. The company’s revenues stood at Rs 2061 crore with a growth of 39 per cent year-on-year. For the quarter ended on March 31, 2007, the company’s net profits were Rs 132.4 crore with 19 per cent quarter on quarter growth and revenues were 601 crore with 8 per cent growth QoQ.

Speaking on the occasion, Rajesh Hukku, Chairman & Managing Director said, “The last financial year has been a historic one for i-flex as we have seen a significant increase in our traction with top tier customers in the developed economies. i-flex enjoys a healthy sales pipeline as we continue to meet the growing requirements of the global financial services industry through sustained investments.”

R. Ravisankar, CEO, International Operations and Business Development said, “The strategic investments that we have been making in creating a joint value proposition with Oracle offerings has begun to pay off even as it significantly enhances the combined foot-print solution for our customers.”

During the year annual product revenues post 47 per cent increase to Rs 1121 crore. Added 16 new product customers in the quarter, with all lines of business registering significant wins.

Commenting on the performance Deepak Ghaisas, CEO, India Operations & CFO said, “Our capacity to address large and global customers is increasing, and to meet the growing market needs, we are continuing to make significant investments in growing our infrastructure and delivery capability in India and overseas.”

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