BANGALORE: iGATE Global Solutions today reported that its net profit for the second quarter ended September 30 had increased 80 per cent to Rs 10.1 crore from Rs 5.6 crore posted for the year-ago quarter.
Revenue for the second quarter FY07 grew 30 per cent to Rs 202.6 crore, compared to Rs 155.8 crore in the corresponding quarter last year. EPS grew to Rs 3.26 from Rs 1.57 in the same quarter previous year.
iGATE also announced that it is the first company to offer choice to its employees to convert their previously issued stock options to Restricted Stock Units (RSUs).
iGATE has awarded RSUs to reward employees and enable wealth creation. Additionally, iGATE has also decided to award RSUs on an annual basis to high performers. RSUs are more efficient for the company’s equity structure.
“We ended the second quarter with strong revenue growth driven by healthy broad-based demand. Existing clients are ramping up their business with us and we have also added a number of new clients. We have reached a good, sustainable growth model,” said Phaneesh Murthy, CEO, iGATE Global Solutions.
On a sequential basis the revenue increased 12 per cent, while the net profit registered a growth of 910 per cent. Ten new clients were added in the quarter of which five are Fortune 1000 companies.
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