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i-flex posts a 159% QoQ growth in net profit at Rs 140 crore for the quarter ended March 2006

Mumbai, May 6, 2006: 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 and financial year ended March 31, 2006.

Speaking on the occasion, Rajesh Hukku, Chairman & Managing Director said, “Last year has been a momentous one for i-flex as we have seen a significant increase in our traction with top tier customers. The leadership we are gaining in our various lines of business is creating a strong foundation for future growth.”

R. Ravisankar, CEO, International Operations and Business Development added, “Our globally diversified business model and balanced portfolio of solutions continues to deliver strong growth. We continue to reinforce our position of leadership in IT solutions for the financial services industry by empowering our customers with competitive advantage.”

Commenting on the financials Deepak Ghaisas, CEO, India Operations & CFO said, “The significant investments we have made this year are with the objective of building the foundation for the next stage of growth for the Company. In a highly competitive environment, we have demonstrated superior operational performance, while investing substantially for the future.”

The board has recommended a dividend of 100% for the year.