iGate posts Q4 net loss of Rs 7.86 cr

HYDERABAD: iGate Global Solutions has reported a net loss of Rs 7.86 crore for the quarter ended March 31, 2004 against a loss of Rs 5.38 crore in the previous quarter. Revenue from operations was Rs 138.1 crore for the fourth quarter ended March 31, 2004. The operating profit for the quarter ended March 31, 2004 was Rs 3.78 crore.

Net loss for the year ended March 31, 2004 was Rs 6.77 crore against a profit of Rs.28.35 crore for the previous year. Revenue from operations was Rs 570.1 crore for the year ended March 31, 2004, as compared to Rs 420.9 crore for the previous year, an increase of 35.5 percent. The company added 39 new clients during the year and had 3,141 employees as on March 31, 2004.

"We are focused on increasing the quality of our revenue with an emphasis on longer-term relationships with marquee clients, and ramping up the IT, BPO/BSP and contact center operations. Improving our operational efficiency is another key area where we are seeing results. The market is moving towards smaller deal sizes and this favors players like us with higher intellectual capital," said iGate CEO, Phaneesh Murthy.

Commenting on the results, iGate CFO, N Ramachandran said, "Integration and consolidation have been the focus for this fiscal. With the completion of the Symphoni, Quintant and Red Brigade transactions, we will be able to close the chapter on capital restructuring. We are now working on completing the integration of our internal systems, and the benefits of our focus on operational excellence should be visible this fiscal."

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