iflex net income up by 59 per cent in fiscal 2007

Bangalore, May 1 (UNI) Banking software solution provider iflex today announced a 50 per cent increase in its net income at Rs 372.2 crore with the revenue crossing Rs 2061 crore, witnessing a 39 per cent rise.

i-flex posted a top line growth of 28 per cent with revenue for the quarter ended March 31, 2007 touching Rs 601 crore as compared to Rs 470.6 crore for the corresponding quarter during the previous year. The net income for quarter stood at Rs 132.4 crore representing 19 per cent growth Quarter on quarter.

Commenting on the results, iflex Chairman and Managing Director Rajesh Hukku said the year had been an historic one with Iflex witnessing significant increase in its traction with top tier customers in developed economies. ''iflex enjoys a healthy sales pipeline as we continue to meet the growing requirements of the global financial services industry through sustained investments'' he added.

Witnessing a strong growth momentum for all lines of business iflex added 30 new customers in the quarter taking the tally of customers serviced to 753 across 128 countries.

FLEXCUBE, iflex's flagship product, ranked once again as the world's number one selling core banking solution in the 2006 Annual IBS sales League Table, first product to achieve this distinction for the fifth year in a row.

The company also strengthened presence in Europe; opened a subsidiary in Greece. It added a net of 522 employees in the quarter, taking the total strength of group for software and services business to 8034 (up from 6315 at end of March 06); KPO business staff strength stands at 1034 (up from 543 at end of March 06).

The Annual product revenues, driven by all round growth, post 47 per cent increase to Rs 1121 crore. The Company added 16 new product customers in the quarter, with all lines of business registering significant wins.

UNI