iGate Q2 net up over 3-fold at $12.7 mn

iGate said its net profit has surged to USD 12.7 mn (around Rs 70 cr) for the second quarter.

Written by Agencies | New Delhi | Published: July 13, 2012 8:14 pm

Nasdaq-listed IT firm iGate today said its net profit has surged over three-fold to USD 12.7 million (around Rs 70 crore) for the second quarter ended June 30,2012.

The company’s net profit stood at USD 4 million in the same period of 2011,iGate said in a statement.

iGate’s revenues jumped by 57.3 per cent to USD 268 million in the April-June 2012 period from USD 170.4 million in the quarter ended June 30,2011.

“It has been satisfying to see growth coming back in a very volatile market. I am particularly happy with the pedigree of the new clients we have added in the quarter with seven of them being Fortune 1000 companies,” iGate CEO Phaneesh Murthy said.

This clearly shows the increased acceptance of our differentiated outcomes-based proposition,he added.

The numbers include the financials of Indian IT firm Patni Computer Systems,in which the US-based firm acquired a majority stake in January last year for USD 1.2 billion in one of the largest deals in the Indian IT sector.

“I am very pleased that we were able to smoothly accomplish the delisting process of Patni with our ownership of Patni shares now rising to 96.9 per cent. While the rupee fluctuation is a concern due to for-ex headwinds,I am confident that we are well placed for a steady growth in revenues and margins,” iGate CFO Sujit Sircar said.

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