i-flex Solutions Q4 net up 40%

CORPORATE SCORECARD

The company registered a net profit of Rs 132.40 crore in the corresponding quarter of last financial year. During the quarter, revenues increased 11.8 per cent to Rs 672 crore from Rs 601 crore.

Sequentially, that is compared with Q3FY08, its net income grew 73 per cent from Rs 106.7 crore, while revenues grew by 8.5 per cent from Rs 619.6 crore. For the full year (FY08), the company reported a net profit of Rs 416 crore up 11.7 per cent from Rs 372.3 crore last year. Revenues also rose 15 per cent to Rs 2,380 crore.

N R K Raman, managing director and CEO, i-flex solutions, said, "We had a record initial licence fee signing of $36 million for products during the quarter, addition of 22 new customers from Japan and Latin America. Our integration with Oracle Corporation is progressing well and we will build on the combined strengths, synergies, scale and efficiencies that our customers expect from us."

The company also sought shareholder and regulatory approval for changing its name to Oracle Financial Services during the quarter. Makarand Padalkar, CFO, i-flex solutions, said, "We delivered robust growth and improvement in the margins in the quarter."