It's 91.8 p.c. fall for iGATE

BANGALORE: iGATE Global Solutions posted 91.8 percent dip in its net profit at Rs 1.30 crore for the third quarter ended December 31, 2005 compared to Rs 15.84 crore registered during the same quarter the previous year. The corresponding quarter of FY05 include profit on sale of assets of Rs. 15.64 crore.

For the third quarter, the company has recorded operating revenue of Rs 165.15 crore, an increase of 15.1 percent, compared to Rs 143.46 crore posted during the same period previous year.

On the quarter-on-quarter basis, net profits have seen a dip of 76.9 percent from Rs 5.62 crore. Operating revenues has seen 6 percent growth from 155.77 crore.

The company in a statement said that it has decided to make a provision for diminution in the value of long-term investment bringing down the net profit to Rs. 1.30 crore for Q3 FY06.

iGATE added 447 employees during the quarter taking the total employee strength to 4803 as on December, 31 2005.

Phaneesh Murthy, iGATE's CEO said, “Our existing customers are contributing to our growth. We have put in place significant expansion plans in Canada and Japan. We also had an exciting new iTOPS win from a New York-based Tier 1 Asset Management firm to provide an integrated solution in the fund administration area."

During the quarter, nine new clients added of which six are Fortune 1000 companies. The company's on-site to off-shore ratio is at 29:71.