iGATE posts 127 per cent growth in net profit

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Bangalore, Oct 10 (UNI) Amidst revenue growth still being a concern, iGATE Global Solutions (iGS), the fully integrated Technology and Operations (iTOPS) company, today reported a revenue of Rs 200.8 crore that included a 127 per cent spurt in net profit for the second quarter of FY08.

Agreeing that the revenue growth was of concern, company CEO Phaneesh Murthy however said that the order book was good and iGATE won three new customers in the million plus Dollar bracket during the period to take its customer base to 29.

Briefing newspersons at the company's sprawling new facility at Whitefield on the outskirts of the city, he said iGATE posted a strong growth in profitability with net profit zooming to Rs 22.8 crore for the quarter ended September 30.

"We closed the second quarter with a healthy order book giving us optimism for revenue growth. Improved productivity and efficiency coupled with our differentiated iTOPS model helped us grow margins strongly," he added.

Revenue for the second quarter was at Rs 200.8 crore, marginally lower compared to Rs 202.6 crore in the corresponding quarter previous year. However, net profit surged to Rs 22.9 crore from Rs 10.1 Crore in the corresponding period and EPS grew to Rs 7.25 from Rs 3.26.

The gross profit grew 10.6 per cent from 59.4 crore to 65.7 crore while operating profit increased to Rs 31.7 crore from RS 20 crore.

Profit before tax stood at Rs 23.7 when compared to Rs 9.2 crore in the previous period, he said.

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