i-flex Solutions net soars to Rs 105.6 cr

Revenue for the firm--providing banking products, solutions and services-- was at Rs 631.8 crore for the quarter up 23 per cent from Rs 513.3 crore for the quarter ended June 30, 2007.

Sequentially though the company net income was down by 20.2 per cent from Rs 132.4 crore--and revenue dipped by 6 per cent from Rs 672 crore.

For the first quarter the company signed license fee of $17 million and added 14 clients. The services business also saw a good traction with i-flex winning some key engagements during the quarter.

"We are pleased with the momentum we are seeing across our entire portfolio including new offerings such as Flexcube Private Banking. With our enhanced solution capability we are well poised to help our customers meet the demands of a complex, challenging and competitive environment," said N R K. Raman, Managing Director and CEO, i-flex solutions.
 
"During the first quarter of the year we continued our close relationship with Oracle to help extend our scale, global reach, and operational efficiencies," said Makarand Padalkar, Chief Financial Officer, i-flex solutions.