iGATE global net dips 10.5%, rev up 58%

NEW DELHI: iGATE Global Solution (IGS), formerly Mascot Systems, has announced a 58 percent increase in revenues for the first quarter ending June 20, 2003–up from Rs 90.92 crore in the corresponding period last year to Rs 143.63 crore this year. However, its net profit went down by from Rs 8.6 crore during the same period last year to Rs 7.7 crore this year, a dip of 10.5 percent.

According to a press release, the company's operating profit went up by 39.6 percent to Rs 11.42 crore as compared to Rs 8.18 crore in the corresponding quarter last year. Net profit after tax stood at Rs 7.71 crore translating into an EPS of Rs 2.84 for the quarter.

While the revenues during the quarter improved marginally–by 1.1 percent– from Rs 142 crore in the quarter ending March 31, 2003,the operating profit was at Rs 11.42 crore in Q1 as compared to Rs 12.44 crore in the previous quarter. The net profit after tax has been reported at Rs 7.71 crore in Q1 as compared to Rs 10.2 crore in the previous quarter.

Offshore revenues increased by 16.7 percent in Q1 FY 2004. Contribution from offshore expanded to 21.3 percent during the quarter compared to 18.5 percent in the sequentially preceding quarter.

In terms of geographies, the US market contributed 77.8 percent to the topline while Europe accounted for 9.3 percent. In case of US market, the contribution actually fell 2.7 percent while Europe grew by 30.7 percent. Asia-Pacific grew by 9.1 percent on a sequential basis.

In terms of client contribution, GE accounted for only 41percent of the topline, while the next four clients brought in 20.7 percent. In fact, GE’s contribution to the topline has declined 3.8 percent, while it has declined by 1.4 percent for the next four on a sequential basis.

Human resource strength at iGATE expanded by 1,044 people during the quarter as IGS became a 3,000-employee organization.

(CNS)