US-based iGATE Corporation today reported a 35 per cent increase in net profit at USD 24.1 million for the first quarter ended March 31,2012.
In the same period last year,the IT services company had reported a net profit of USD 17.9 million,a statement said.
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iGate’s quarterly profit convincingly beat estimates despite delays in rolling out new projects,sending the software company’s shares up more than 10 percent on Friday morning.
Revenues for the first quarter of 2012 increased by nearly 248 per cent to USD 263.3 million from USD 75.8 million in the year-ago period.
iGATE,which had acquired Indian IT company Patni Computer Systems last year,now operates under the brand name iGATE Patni.
On April 10,2012,iGate said it will offer Rs 520 per share to shareholders of Patni Computer Systems to get the company delisted from Indian stock exchanges.
iGATE-Patni added seven new customers during the quarter,the statement said.
“The successful delisting of Patni will be an important step towards our vision of ‘one company’ and will set us up well for a possible downstream merger while also reducing costs of compliance and governance,” iGATE Patni Chief Financial Officer Sujit Sircar said.
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Shares of the company,which have gained 84 percent in value since touching a year-low of $9.32 in August 2011,rose to $18.95 on Friday morning on the Nasdaq.