Buoyed by a $36 million license fee in the fourth quarter, i-flex Solutions has posted a net income of Rs 416 crore for the full year ended March 31, 2008, up 12% from last fiscal. Revenue for the full year ended stood at Rs 2,380 crore, up 15% as compared to the previous year.
The company posted revenues of Rs 672 crore for the fourth quarter, a growth of 8% Q-o-Q and 12% Y-o-Y growth. The net income for the quarter stood at Rs 185 crore, a 73% growth Q-o-Q and 40% Y-o-Y.
NRK Raman, managing director and CEO, i-flex solutions said, ?Our solutions portfolio for the financial services industry continues to grow at a rapid pace with the launch of new, innovative products and services. This quarter, we had license fee signing of $36 million for products. 22 new name customers were added from East Europe & the Middle East (EMEA), Japan and Latin American markets. We continue to reinforce our position of leadership in the financial services applications business by creating significant competitive advantage for our customers.? He added, ?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?.
In the EMEA region, the company tied up with two top tier European banks for multi?country FLEXCUBE implementations. The APAC region contributed with new customer wins in developed markets like Japan as well as in emerging economies like Vietnam and Mongolia Makarand Padalkar, CFO, i-flex Solutions, said, ?The product business is the driving force of our increased revenues. About Rs 417 crore, which is 62% of our revenues came from this business, while the balance 35% is from IT services and 3% from KPOs. This year Europe has been the most profitable geography with 38% of revenues coming from here. The US and APAC have contributed about 24% and 20%, respectively.?
On the Bombay Stock Exchange (BSE), the i-flex Solutions stock was up by Rs 4.30 or 0.32% to close at Rs 1,349.55.
