IGate Q3 net rises 61 p.c at $14.3 mn

BANGALORE, INDIA: IGate Corp, an information technology and outsourcing services provider, reported third-quarter results that beat market expectations, helped by new customer wins.

The company, which rivals Cognizant Technology, Infosys Technologies and Tata Consultancy Services, posted a 61 per cent rise in net income at $14.3 million, or 25 cents per share. Revenue rose 52 percent to $74.8 million.

Analysts on average were expecting IGate to earn 21 cents a share on revenue of $68.8 million, according to Thomson Reuters I/B/E/S.

The company, which is incorporated in Pennsylvania but head-quartered in California, counts Royal Bank of Canada and General Electric among its biggest customers.

Separately, the company said it planned to file a shelf registration with the U.S. Securities and Exchange Commission to offer 10 million shares and debt securities of up to $100 million.

The company's shares closed at $18.37 Tuesday on Nasdaq.

IGate's stock has risen 30 percent since it reported second-quarter results in July.