i-flex revenue increases to Rs 359 crore (+33% QoQ) for the quarter ended September 2005

Mumbai, October 28, 2005: The Board of Directors of i-flex solutions limited, a leading provider of IT solutions to the global financial services industry, has approved the results for the quarter ended September, 2005.

Speaking on the occasion, Rajesh Hukku, Chairman & Managing Director said, "We are witnessing a significant mindset change in the global financial industry with greater attention to the state of ageing core systems. The strength we have gained with the investment by Oracle in i-flex is helping to further accelerate our business momentum."

R. Ravisankar, CEO, International Operations and Technology added, "We now have the most comprehensive portfolio of solutions to help financial institutions meet the challenges of a highly competitive environment – and we continue to see rapid growth across the entire portfolio."

Commenting on the financials Deepak Ghaisas, CEO, India operations & CFO said, "While the quarter has witnessed a healthy top-line growth, the impact of investments in infrastructure, people and sales and marketing has some impact on the margins. Overall, we are well prepared to exploit the growing opportunities in the marketplace."

Consolidated Indian GAAP:

i-flex posted a top line growth of 37% with revenue for the quarter ended September 30, 2005 at Rs. 349.7 crore as compared to Rs. 255.8 crore for the corresponding quarter during the previous year. The net income for the quarter stood at Rs. 38.4 crore. The revenue for the half year ended September 30, 2005 stood at Rs. 623.7 crore, up 30% as compared to the previous half year. The net income for the same period stood at Rs. 53.5 crore.

Consolidated US GAAP:

i-flex posted a top line growth of 38% with revenue for the quarter ended September 30, 2005 at Rs. 359.3 crore as compared to Rs 260.6 crore for the corresponding quarter during the previous year. The net income for the quarter stood at Rs. 40.4 crore. The revenue for the half-year ended September 30, 2005 stood at Rs. 629.3 crore, up 29% as compared to the previous year. The net income for the same period stood at Rs. 46.2 crore.

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