IFlex reports 73 pc growth in net income for Q4

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Mumbai, May 6: Iflex solutions today reported a Rs 672 crore revenue for Q4 of fiscal 2008 with an eight per cent sequential growth with net income for the quarter being Rs 185 crore, up by 73 per cent sequentially.

For the full year, it saw a 15 per cent jump in the revenue at Rs 2,380 crore, and net income rose by 12 per cent at Rs 416 crore. During the quarter, I-flex solutions had sought shareholder and regulatory approval to change its name to Oracle Financial Services Limited. It also witnested a robust growth for product business driven by USD 36 million license fee signing up, the Company release stated.

Commenting on the results, Iflex CEO and MD N R K Raman said, ''Our solutions portfolio for the financial services industry continues to grow at a rapid pace with launch of new, innovative products and services and we are pleased to see strong results of these initiatives.'' He said, ''We had a record initial license fee signing of USD 36 million for products this quarter, addition of 22 new name customers covering established EMEA or Japan region to emerging Latin America markets,'' and added that the integration with Oracle Corporation was progressing well and the Company would build on the combined strengths, synergies, scale and efficiencies of the two companies.

Commenting on the financial performance, CFO Makarand Padalkar said, ''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.''


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