Igate Global solutions posts Rs 199.4 cr revenue

By Staff
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Google Oneindia News

Bangalore, July 11 (UNI) iGATE Global Solutions (iGATE), the integrated Technology and Operations (iTOPS) company announced 9.8 per cent increase in its turnover in Q1 of 2008 fiscal at Rs 199.4 crore compared to Rs 181.6 crore reported in Q1 of fiscal 2007.

Net Profit in Q1 FY 08 was Rs 14.3 crore, a 1262.9 per cent year-on-year growth, the company said in a release here.

Commenting on the performance, iGATE CEO Phanesh Murthy said ''better realised rates, higher utilization and increased offshore leverage helped us nearly double the operating margins in Q1 FY 08 compared to Q1 FY 07 despite a stronger Rupee.'' Member of the Board and Chief Financial Officer, iGATE Global Solutions N Ramachandran, said ''we are now embarking on the next stage of growth, having finalised the Phase four expansion plan in our Whitefield development centre, which when fully complete will accommodate an additional 3500 seats.'' The company's Operating profit was up at Rs 26.36 crore compared to Rs 12.89 crore the same quarter previous year with Offshore volume contribution being 77 per cent.

Three new clients were added during the quarter, including two Fortune 1000 companies.

UNI

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