Virtusa revenue up 28 per cent in Q4

BANGALORE, INDIA: Virtusa Corporation, provider of IT consulting, technology implementation and application outsourcing services, today reported its financial results for the fourth quarter and full fiscal year ended March 31, 2008.

For the fourth quarter of fiscal 2008, Virtusa’s revenue increased 28 per cent year-over-year and 6 per cent sequentially, to $45.0 million.

Virtusa reported income from operations of $5.6 million, or 12.5 per cent of revenue, for the fourth quarter, representing an increase of 38 per cent compared to $4.1 million for the fourth quarter of fiscal 2007.

Net income for the fourth quarter of fiscal 2008 was $5.3 million, or $0.21 per diluted share, compared to $3.6 million, or $0.19 per diluted share, for the fourth quarter of fiscal 2007.

Earnings per share for the fourth quarter of fiscal 2008 reflects a 30 per cent year-over-year increase in diluted shares outstanding primarily due to the successful completion of the company’s initial public offering.

Virtusa reported income from operations of $19.4 million, or 11.7 per cent of revenue, for the fiscal year 2008. This represents an increase of 37 per cent compared to $14.2 million for the fiscal year 2007.

Net income for fiscal year 2008 was $17.8 million, or $0.76 per diluted share, compared to $19.0 million, or $1.03 per diluted share, for fiscal year 2007.

“This quarter capped off an exciting and successful year for Virtusa, highlighted by the completion of our IPO in August, the signing of a strategic relationship with British Telecom and very strong top and bottom line growth,” said Kris Canekeratne, chairman and CEO.