i-flex solutions has 13 customer wins in Q2 - about 1 each 7 days!

i-flex posts Net Income growth of 32% QoQ for second quarter (Consolidated Indian GAAP)
i-flex crosses a unique milestone of servicing customers in 100 countries

Financials at a glance for the quarter ending September 2003
Indian GAAP Consolidated
Revenues Rs 187 Crore Up 2% QoQ
Net Income Rs 50 Crore Up 32% QoQ

Highlights of the Quarter
- The total number of customer serviced increases to 432 (up from 419 previous quarter)
- i-flex registers another unique milestone; crosses the century mark for countries where customers have been serviced
- Added 13 customers for FLEXCUBE (9 in last quarter). FLEXCUBE wins a large deal in Canada signifying expansion in the North American region
- Asia Fund Services, a JV between UOB, Singapore and Bermuda Trust Singapore Ltd, an entity with over 60% market share in fund distribution in Singapore, selects FLEXCUBE to run its investor servicing operations
- FLEXCUBE’s momentum continues in India, with over 50% share of the market of deals in last two years. Latest to join the customer roster are a leading Public sector bank for its Treasury operations and Dhanalakshmi Bank for its core operations
- FLEXCUBE country presence increases to 74 (up from 67 in the previous quarter). Added Canada, Romania, Serbia, Gabon, Cameroon and Israel
- PrimeSourcing witnesses significant growth with revenues increasing 17% QoQ and operating profits increasing 98% QoQ
- PrimeSourcing commences new Master Services Agreement with leading European Bank. 5 new customers signed for PrimeSourcing
- Reveleus bags two new customers in North America. Reveleus chosen for information warehouse by a major US bank and a bank in Canada
- Added 254 new employees, staff strength grew to 2600 people at end of the quarter, up from 2429 in the preceding quarter

Awards & Accolades
- Rajesh Hukku, Chairman & Managing Director was honored with the prestigious Dewang Mehta award for innovation in IT by Ministry of IT, Government of India
- i-flex selected as "best emerging company of the year" in the Economic Times awards for corporate excellence
- i-flex moves up to 24th rank (from 36th previous year) in the Business Today survey of India’s most valuable companies based on market capitalization

Mumbai, November 7th 2003: The Board of Directors of i-flex solutions limited, a leading provider of IT solutions to the financial services industry worldwide, has approved the results for the quarter and half year ending September 30, 2003.
Speaking on the occasion Rajesh Hukku, Chairman & Managing Director said, "We are pleased with the strong all round momentum in our three lines of business and this is a direct result of our continued investments in product R&D, delivery capability, sales & marketing and branding".

R. Ravisankar, CEO, International Operations and Technology added, "Our diversified business model and our suite of products and services continue to deliver results. As financial institutions around the world are facing increasingly challenging environment, i-flex is uniquely poised to provide solutions that arm them with competitive advantage".

Commenting on the results Deepak Ghaisas, CEO, India operations & CFO said, "The current situation relating to the weakening dollar has impacted the entire IT industry. With some good hedging mechanisms we have been able to minimize the losses significantly this quarter but the situation remains challenging".

Financial Performance
Consolidated Indian GAAP:
i-flex posted a top line growth of 28% revenue for the quarter at Rs. 187 Crore for the period ended September 30, 2003 as compared to Rs. 146 Crore for the corresponding the previous year. The net income in the quarter stood at Rs. 50 Crore. The revenue for the half - year ending September 30, 2003 stood at Rs.370 Crore, up 30% as compared to the corresponding period of the previous year. The net income for the same period stood at Rs. 88 Crore.

Consolidated US GAAP:
i-flex posted a top line growth of 13% revenue for the quarter at Rs. 191 Crore for the period ended September 30, 2003 as compared to Rs. 170 Crore for the corresponding the previous year. The net income in the quarter stood at Rs. 46 Crore. The revenue for the half - year ending September 30, 2003 stood at Rs. 378 Crore, up 26% as compared to the corresponding period of the previous year. The net income for the same period stood at Rs. 85 Crore.

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