i-flex posts 51% growth in revenues YoY for the quarter ended June 2006 (As per Consolidated US GAAP)

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For immediate release i-flex posts 51% growth in revenues YoY for the quarter ended June 2006 (As per Consolidated US GAAP) Financials at a glance for the quarter ended June 2006 US GAAP Consolidated

1 For immediate release i-flex posts 51% growth in revenues YoY for the quarter ended June 2006 (As per Consolidated US GAAP) Financials at a glance for the quarter ended June 2006 US GAAP Consolidated Revenues PBT Net Income Indian GAAP Consolidated Revenues PBT Net Income Rs crore (+51% YoY) Rs. 50 crore (+458% YoY) Rs crore (+607% YoY) Rs crore (+47% YoY) Rs crore (+134% YoY) Rs crore (+132% YoY) Highlights of the Quarter (financials as per US GAAP) Revenue grows 51% YoY to Rs crore. As compared to quarterly average for the last financial year, the revenues in the quarter show 10% growth. Net income for the quarter stands at Rs 41.5 crore. Signed 22 new customers on the strength of continued market opportunities Gross addition of 553 employees in the quarter (excluding KPO business - Equinox), with the total staff strength increasing to The total staff strength of the group inclusive of KPO business increases to 7,101 an increase of 29% over the period ended June Solutions Portfolio Products Business Revenues post 75% increase YoY; FLEXCUBE winning momentum continues with 11 new client signings Financial Information Network & Operations, India, a new venture of ICICI Bank, India, selects FLEXCUBE for its core operations A global European bank selects FLEXCUBE for its foray in Japan Hong Kong Shanghai Banking Corporation implements FLEXCUBE Investor Services for its institutional fund services business across Asia and Middle East Reveleus Basel II continues its winning innings, signing three deals in the quarter. Page 1 of 5

2 Services Business Revenues post 31% YoY and 5% QoQ increase for the quarter; Signed 5 new relationships in the quarter, including one major global bank in US While the revenues from Citibank have grown in absolute terms, the share of non-citi revenue continues to grow and stands at 46%. Awards & Accolades Equinox, the business process outsourcing arm of i-flex Solutions, selected in the Leadership Category of The Global Outsourcing 100 by the International Association of Outsourcing Professionals (IAOP). i-flex/equinox also wins a pride of place in the 50 Best Managed Global outsourcing vendors in a survey conducted by Brown-Wilson Group for The Black Book of Outsourcing, covering 872 Outsourcing Vendors in 63 countries. FLEXCUBE was ranked highest both on advanced technology and breadth of functionality by Celent in its recent research report on Global Core Banking Solution vendors. Rajesh Hukku, Chairman & Managing Director wins International Stevie Award in the category of Best Chairman. Reveleus is Highly Commended for its Compliance Initiative Innovation in the Banker Technology Awards Celent ranks the Reveleus Operational Risk solution amongst the top 3 solutions in the world in its category. Mumbai, July 28, 2006: The Board of Directors of limited, a leading provider of IT solutions to the global financial services industry, has approved the results for the quarter ended June 3O, Speaking on the occasion, Rajesh Hukku, Chairman & Managing Director said, Our comprehensive solutions portfolio is helping financial institutions worldwide gain leadership in their business. We are delighted with the top ratings that the industry analysts such as Gartner, Forrester and Celent have given to FLEXCUBE and REVELEUS in the recent past; and a consistent streak of top tier wins for our products and services in the US, Europe and Japan.. R. Ravisankar, CEO, International Operations and Business Development 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, We are investing in infrastructure aggressively to meet market Page 2 of 5

3 opportunities. This strategy is aimed at leveraging scale to help optimize costs while giving us the required flexibility to quickly expand operations. Financial Performance Financial Results for the quarter ending June 30, 2006 (All the amounts in Rs. crore) Consolidated Indian GAAP: i-flex posted a top line growth of 47% YoY with revenue for the quarter ended June 30, 2006 at Rs. 403 crore as compared to Rs. 274 crore for the corresponding quarter during the previous year. The net income for the quarter stood at Rs Crore as compared to Rs Crore in the corresponding quarter in the previous year. Consolidated Income statement ltd and its subsidiaries Quarter Ended Jun-06 Jun-05 Mar-06 Revenues Cost of revenues (excluding depreciation & amortization Gross Profit Selling & Marketing Expenses General & Administrative Expenses Depreciation & amortization Income from operations Profit/(loss) on Equity investment 0.4 (0.2) (0.15) Interest and Other Income /(expense) Income before provision for income taxes Provision for income taxes Net Income Any totaling differences due to rounding Page 3 of 5

4 Consolidated US GAAP: i-flex posted a top line growth of 51% with revenue for the quarter ended June 30, 2006 at Rs crore as compared to Rs crore for the corresponding quarter during the previous year. The net income for the quarter stood at Rs Crore as compared to Rs. 5.9 Crore in the corresponding quarter in the previous year. ltd and its subsidiaries Quarter Ended Jun-06 Jun-05 Mar-06 Revenues Cost of revenues (excluding depreciation & amortization Gross Profit Selling & Marketing Expenses General & Administrative Expenses Depreciation & amortization Income from operations Profit/(Loss) on Equity investments 0.2 (0.3) 0.1 Interest Income and Other income/expense Income before provision for income taxes Provision for income taxes Net Income Any totaling differences due to rounding About i-flex solutions (Reuters: IFLX.BO & IFLX.NS) is a world leader in providing IT solutions to the financial services industry. i-flex has serviced over 660 customers in more than 120 countries. i-flex s range of products and customized services enable financial institutions to cut costs, respond rapidly to market needs, enhance customer service levels and mitigate risk. i-flex and FLEXCUBE are registered trademarks of. Reveleus, Daybreak and PrimeSourcing are trademarks of and are registered in several countries. All company and product names are trademarks of the respective companies with which they are associated. Page 4 of 5

5 For information, please visit: For more information on the press release, please contact: Eapen Thomas Phone: , ext Fax: Ramya B S Tel: Fax: / bs.ramya@iflexsolutions.com Shilpa Harsh Adfactors PR Pvt. Ltd. Tel: Mobile: shilpah@adfactorspr.com APAC Parvez Ahmad Tel: , ext. 212 Fax: parvez.ahmad@iflexsolutions.com EUROPE Louis Jude Tel: Fax: / jude.louis@iflexsolutions.com EUROPE Mallika Basu/Tom Nutt The Communication Group plc mbasu@thecommunicationgroup.co.uk tnutt@thecommunicationgroup.co.uk NORTH AMERICA Sunil Robert Tel: Mobile: sunil.robert@iflexsolutions.com Page 5 of 5

i-flex Doubles Net Income for the Quarter; Revenues Post 44% Increase Revenues for Nine Months post 44% Increase

For immediate release i-flex Doubles Net Income for the Quarter; Revenues Post 44% Increase Revenues for Nine Months post 44% Increase (For the period ended December 2006 as per Consolidated Indian GAAP