i-flex announces Q3 results

By siliconindia   |   Wednesday, 23 January 2008, 17:42 IST
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Mumbai: i-flex solutions, a provider of IT solutions to the global financial services industry, has announced the quarterly results ended on December 31, 2007. i-flex posted a growth of 11 percent Year Over Year (YoY) with revenue for the quarter ended December 31, 2007 at 619.6 crores as compared to 557.4 crores for the corresponding quarter during the last year. The revenue for the nine months ended December 31, 2007 stood at 1708.7 crores representing an increase of 17 percent over the corresponding nine month period in the last financial year. The net income for the quarter stood at 106.7 crores representing 22 percent growth compared to previous quarter. "We are pleased to announce a strong sequential growth this quarter, with good margin gains. Our geographically well-diversified business portfolio is yielding results with the European region contributing 34 percent of company revenues this quarter. Our joint traction with Oracle is expanding with a healthy sales pipeline as we continue to address the challenges faced by the financial services industry," said N R K Raman, Managing Director and CEO, i-flex solutions. "Our focused initiatives to improve manpower utilization, operational efficiencies coupled with prudent cost management has enabled us to expand margins across the board. We have also seen accelerated collections which has reduced overall DSO from 110 to 102 days," said Makarand Padalkar, CFO, i-flex solutions.