IGate’s first quarter profit surges year-on-year

IGate’s first quarter profit surges year-on-year
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First Published: Wed, Jul 11 2007. 10 10 AM IST
Updated: Wed, Jul 11 2007. 10 10 AM IST
Mumbai: iGATE Global Solutions Ltd, said better billing rates and a higher share of offshore revenue helped boost its quarterly net profit despite a stronger rupee.
The Bangalore-based software services firm added three new clients in the first quarter and saw its offshore revenue contribution rise to 77% from 73% a year earlier.
Its consolidated net profit surged to Rs14.3 crore in the April-June quarter from Rs1 crore a year earlier, while revenue rose 10% to Rs199 crore.
“Better realized rates, higher utilization and increased offshore leverage helped us... despite a stronger rupee,” Chief Executive Phaneesh Murthy said in a statement.
The company is expanding its development centre in Bangalore, which can to accommodate an additional 3,500 seats, it said.
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First Published: Wed, Jul 11 2007. 10 10 AM IST