iflex reports 31 per cent increase in revenue

Bangalore, July 30: Banking Solutions provider iflex solutions today reported a 27 per cent Year on Year growth for the first quarter of the current fiscal at Rs 513.3 crore against Rs 407.5 crore earned during the corresponding quarter previous year. In dollar terms, the increase was 48 per cent.

The operating income for the quarter registered 63 per cent increase (85 per cent in dollar terms), while because of higher impact of the exchange revaluation, the net income stood at Rs 41.5 crore-at the same level as the corresponding quarter in the previous year.

The Company added 12 new customers during the quarter ending June 30-2007. The head count of iflex stood at 9533 with the net addition during the quarter being 465 employees.

Commenting on the results, Company CEO and Managing Director N R K Raman said iflex continued 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'' he said adding ''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''.

UNI