iGate Q1 revenues grow 9.8 pc

BANGALORE, INDIA: iGATE Global Solutions has announced its results for the first quarter ended 30 June 2007.

Revenues for Q1FY08 grew 9.8 per cent to Rs 199.4 crore compared to Rs 181.6 crore in the corresponding quarter of previous year.

Net profit in Q1FY08 was Rs 14.3 crore, a 1262.9 per cent growth over Q1FY07.

“Better realized rates, higher utilization and increased offshore leverage helped us nearly double the operating margins in Q1FY08 compared to Q1FY07 despite a stronger Rupee” said Phaneesh Murthy, CEO, iGATE Global Solutions.

N Ramachandran, member of the Board and chief financial officer, iGATE Global Solutions said, "We now are embarking on the next stage of growth, having finalized the Phase 4 expansion plan in our Whitefield development centre which when fully complete will accommodate an additional 3500 seats."