iGATE's PAT nosedives by 26 per cent

Bangalore, Jul 12: iGATE Global Solutions, the integrated technology and operations company, today announced that its profit after tax and minority interest during the first quarter of this fiscal has suffered a loss of 26 per cent at Rs 1.1 crore from Rs 1.4 crore during the corresponding period the previous year.

Commenting on the results, company CEO Phaneesh Murthy said, ''Clients we acquired in the financial services industry in the last 18 to 24 months are contributing to the growth of iGATE. Pleased with our investments in creating IP, our domain expertise and execution abilities, select clients in this space are fuelling our growth.'' The company, in a release here, said the profit before tax recorded a 87 per cent growth from Rs 1.1 crore in the first quarter of FY06 to Rs 2.1 crore in the quarter ended June 30.

The company's revenue grew 23 per cent to Rs 182 crore compared to Rs 147 crore in the corresponding quarter in the previous year.

Operating profit in the first quarter of the current fiscal was Rs 12.9 crore, a 28 per cent growth compared to Rs 10.1 crore made in the same quarter in the last financial year, the company said.

UNI