i-flex revenues up 43% at Rs 499 crore

BS 200 SCORECARD

i-flex solutions has posted a topline growth of 43 per cent with revenue (consolidated Indian GAAP) for the quarter ended September 30 standing at Rs 499 crore as compared with Rs 350 crore for the corresponding quarter during the previous year.

The company's net income for the quarter stood at Rs 93.5 crore, representing 144 per cent growth compared with the figures of Rs 38.4 crore during the corresponding quarter in the previous year.

The company's consolidated US GAAP topline growth increased by 39 per cent with revenue for the quarter touching Rs 501 crore as compared with Rs 360 crore last year. Its net income for the quarter stood at Rs 80 crore, representing a 99 per cent growth over the corresponding quarter's figures of Rs 40.4 crore in the previous year.

The company's revenue (Indian GAAP) rose 24 per cent sequentially "� from Rs 403.30 crore to Rs 499 crore and net income increased 166 per cent quarter-on-quarter from Rs 35.1 crore to Rs 93.5 crore. It acquired 17 new customers in the quarter based on strong market momentum and registered a gross addition of 1,012 employees (excluding KPO business) "� its highest ever in a quarter.

On October 4, it completed the acquisition of Mantas, a leading provider of anti-money laundering (AML) and compliance software and services. The company's products business revenues posted a sequential growth of 29 per cent and YoY growth of 50 per cent. It won 14 new customers. Reveleus had four wins in the quarter.

The company's services & KPO business too registered growth. Its services business won five new customers and the revenue registered a 17 per cent sequential growth.

Non-Citi business grew by 24 per cent sequentially, while its Citi business registered a 10 per cent growth. i-flex also won two major integrated KPO and ITO projects with a large US-based premier provider of global investment management services and a large US-based mortgage processing company.

Rajesh Hukku, chairman and managing director, said, "We are delighted with the robust performance across all our business lines. The sales momentum in the market is healthy and we continue to progress well towards our vision of becoming the leading end-to-end solutions provider for the financial services industry."

Deepak Ghaisas, CEO, India operations & CFO, added, "We continue to aggressively invest in expanding our capability and infrastructure to create a foundation for future growth. These investments are delivering results. The recent success in winning two major integrated ITO and KPO projects is a result of our investments in the past."