iGATE records 26.6 per cent revenue growth

Bangalore, Apr 11 (UNI) iGATE Global Solutions (iGATE), an integrated Technology and Operations (iTOPS) company today announced its financial results recording a 26.6 per cent revenue growth at Rs 805.1 crore for the year 2006-07 compared to Rs 635.8 crore in the previous year.

The net profit shot up by 805.5 per cent to Rs 49.8 crore from Rs 5.5 crore made during the last fiscal, while earning per share grew to Rs 15.97 from Rs 1.87 during the previous period.

''The just concluded fiscal witnessed a ramp ups in some of our strategic accounts helping us grow revenue and deliver a robust year-on-year growth in net profit,'' CEO Phaneesh Murthy said here today.

Briefing newspersons about the company's performance, he said it continued to invest in its employees, with the Board approving a new Restricted Stock programme to cover a wider employee base. In addition, this month, it would be increasing offshore and onsite salaries by 15 and two per cent respectively, he said.

The highlights of the company's performance include the number of million dollar clients going up to 29 from 19 last year, 25 new clients added during the year of which ten were Fortune 1000 companies and 793 employees were added taking the total employee headcount to 5945 as on March 31.

During the just ended financial year, the company had executed a number of interesting projects and added six new clients largely for IT services. iGATE outsourced and set up a Test and Quality Assurance environment for a large financial institution to cover various aspects of testing and independent validation, Mr Murthy added.

UNI