i-Flex Solutions, a Citigroup company, was listed in 2002 and makes its debut on this list at #7. The banking software product and services company has been one of the most spectacular performers, both financially and on the stock market. i-flex is renowned for its flagship banking product Flexcube, which has been ranked as the world’s second-largest selling wholesale back office banking system in the International Banking Systems (IBS) UK Sales League Tables for 1999, 2000 and 2001.
The company has a strong revenue visibility as Citibank plans to install Flexcube in over 80 countries by 2005. i-Flex had revenues of Rs 563.83 crore and a net profit of Rs 174.37 crore in the year ended March 2003, up by 36% and 38% respectively over the previous year. The company’s gross block stood at Rs 88.68 crore and was up by 9% over the previous year. i-Flex is ranked #9 in sales, #6 in net profit, #19 in gross block, #6 in sales growth, #10 in profit growth and #38 in gross block growth.