i-flex Q4 net income at Rs 185 cr

MUMBAI, INDIA: i-flex Solutions Limited today reported a net income of Rs 185 crore for the fourth quarter ended march 31, 2008 up 40 per cent as compared to Rs 132.4 crore posted in the year-ago quarter.

The company’s revenues for the quarter stood at Rs 672 crore as against Rs 601 crore for the corresponding quarter during the previous year representing a 12 per cent YoY growth.

The revenue for the full year ended March 31, 2008 stood at Rs 2,380 crore, up 15 per cent as compared to the previous year.

The net income for the same period stood at Rs 416 crore up 12 per cent.

N.R.K. Raman, managing director and CEO, i-flex solutions, said: “Our solutions portfolio for the financial services industry continues to grow at a rapid pace with the launch of new, innovative products and services and we are pleased to see strong results of these initiatives. We had a record initial License fee signing of $36 million for products this quarter, addition of 22 new name customers covering established EMEA/Japan region to emerging Latin America markets.”

“We have delivered robust growth and improvement in the margins this quarter across all lines of our business on the strength of strong customer signings and our investments in improving operational efficiency,” said Makarand Padalkar, CFO, i-flex solutions.