BANGALORE: iGate Global Solutions, erstwhile Mascot System and subsidiary of Nasdaq listed iGate Corporation, has posted a profit after tax (PAT) of Rs 64 lakh. It represents a dip of 90.1 per cent as against a profit of Rs 6.49 crore registered during Q2 last year.

The company has recorded a operational revenues of Rs 145.5 crore, a increase of 61.3 per cent against the same period during corresponding year. The crash in profits is largely attributed to the losses incurred from its ITES business.

In the past quarter, iGate has acquired India's first BSP company, Quintant, IT&T and most recently Ideaspace. It has also forged a joint venture with Germay's Software AG and a global strategic alliance with consulting and research firm, Concours Group. It has made an investment of over Rs 100 crore in acquisitions and alliances.

Newly appointed CEO, Phaneesh Murthy, said, "The restructuring and integration efforts are progressing smoothly. We are putting in place measures to increase operational efficiencies and expect these to show results in the next fiscal. The restructuring is geared towards enabling us to hire the people who will position us for growth in the solutions business."

As of September 30^th 2003, the company's global workforce totals to 3159 out of which 663 people are in the ITES operation, servicing one client. It has added 11 new clients this quarter, out of which six are Fortune/Global 500. The company is also moving 45 jobs from its US operations to save up to Rs 4.5 crore in operational expenses. Job roles include 20 in financial accounting, 16 to 17 in IT and IT Systems, five in business management and consulting and rest in other roles.

With the proposed phase I of a campus at Whitefield to be ready for occupation by February 2004, iGate's board has approved an additional investment of Rs 46 crore for phase II to be completed by September-October next year. Built with an investment of Rs 20 crore, phase I will house the IT Services and BPO/BSP delivery functions of the company and has a capacity of accommodating 900 people per shift. Phase II will be built to accommodate 2000 people.

With restructuring and revamping of operations to increase profitability, iGate expects to, as Murthy puts it, "to post interesting results during the next fiscal."