iGATE revenues up, profits jump

BANGALORE: iGATE Global Solutions, an integrated technology and operations company, has reported that its revenues for Q2FY06 rose to Rs. 155.77 crores, up 5.6% over the previous quarter.

Net Profits for Q2FY06 jumped to Rs 5.62 crores, up 296%.

Commenting on the results, Phaneesh Murthy, CEO, iGATE, said, “The results have been better than expected because of increasing traction with some customers that we have acquired in the last 12 months. We are going ahead with a Rs. 25 crore Phase III expansion in our Bangalore campus to create capacity for another 1000 seats.”

The basic EPS of iGATE was up to Rs 1.91 compared to Rs 0.48 reported last quarter. Revenue from the top five clients grew six percent QoQ while the revenue from top 10 clients showed an increase of 7.7 percent. Of the eight clients added during the quarter, six were in the F1000 space.