iGATE reports 15 p.c. revenue growth in Q1

BANGALORE, INDIA: iGATE Solution, a subsidiary of iGATE Corporation, has reported revenue of $54.9 million, an increase of 15 per cent in its first quarter of 2008.

The company posted a consolidated revenue of $79.8 million, from continuing operations, an increase of 7 per cent from last year.

It added 307 employees during the quarter taking the total to 6,566 as of March 31, 2008 in iGATE Solutions segment and taking the company total to 7,317.

iGATE Solutions added seven new customers during the quarter.

“Many of our existing customers are scaling business with us and increasing their engagement levels with us,” said Phaneesh Murthy, chief executive officer, iGATE Corporation.

“Our gross margins increased due to increase in higher margin revenues, improved bill rates and reduction in attrition rates,” said Ramachandran Natesan, chief financial officer, iGATE Corporation.