iGate Global back in black

NEW DELHI: iGate Global Solutions Ltd has posted a consolidated net profit after tax and minority interest of Rs 2.24 crore for the quarter ended March 31, 2005 as compared to a net loss of Rs 5.62 crore for the quarter ended March 31, 2004. Consolidated total income has increased from Rs 136.24 crore in Q4-04 to Rs 146.14 crore for the quarter ended March 31, 2005.



The Group has posted a net profit after tax and minority interest of Rs 21.23 crore for the year ended March 31, 2005 as compared to Rs eight lakh for the year ended March 31, 2004. Total Income has increased from Rs 575.15 crore in FY-04 to Rs 598.14 crore for the year ended March 31, 2005.



On a standalone basis, iGate posted a net profit of Rs 6.38 crore for the quarter ended March 31, 2005 as compared to a net loss of Rs 2.8 crore for the quarter ended March 31, 2004. Total income has increased from Rs 100.04 crore in Q4-04 to Rs 112.12 crore for the quarter ended March 31, 2005.



The company has posted a net profit of Rs 26.7 crore for the year ended March 31, 2005 as compared to Rs 4.79 crore for the year ended March 31, 2004. Total Income has increased from Rs 4207.10 million in FY-04 to Rs 4506.40 million for the year ended March 31, 2005.



The company added 11 customers and 242 employees in the fourth quarter and would pay a dividend of 0.6 rupee a share.



"The past year was one of consolidation for us and we had mixed outcomes. We did well on building out our internal capabilities, brought onsite/offshore ratios to industry standards and improved margins. Because of the shift in operations to be more offshore-centric, although volumes grew by 22 percent, our revenues were fiat. Our challenge this year will be to add the kind of customers that can help us scale our business in the new integrated technology and operations model", CEO of the company Phaneesh Murthy.