Date:31/01/2006 URL: http://www.thehindubusinessline.com/2006/01/31/stories/2006013101790400.htm

Back i-flex net rises — Oracle President joins board

Our Bureau

Mumbai , Jan. 30

I-FLEX posted a net income of Rs 48.2 crore in the quarter ended December 31, 2005, representing a 6-per cent growth year-on-year, and a 26-per cent increase quarter-on-quarter.

Revenues for the quarter grew 29 per cent at Rs 388 crore, as against Rs 300 crore in the corresponding previous quarter. Quarter-on-quarter, revenues registered 11-per cent growth.

During the quarter under review, Oracle Corporation completed the acquisition of the Citigroup stake in the company. It now holds 43 per cent in the company, and the Oracle President, Mr Charles Phillips, has joined the i-flex board of directors.

Mr Rajesh Hukku, Chairman and Managing Director, said: "The product license fees signings were the highest in any quarter and have increased 57-per cent on a nine-month basis."

Mr R.Ravisankar, CEO, International Operations and Business Development, said: "Our differentiated business model built on customer focus, vertical specialisation, domain expertise, and global execution continues to deliver results. We are excited at the market opportunity in financial services, and with the strengthened relationship with Oracle, we are now even better positioned to capture a leadership position in this space."

Mr Deepak Ghaisas, CEO, India Operations and CFO, said: "i-flex has witnessed continued momentum this quarter. At the same time, our efforts at improving the overall efficiency had resulted in 88-per cent quarter-on-quarter growth in the operating income."