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IGate Q2 net down 65 %

IGate Q2 net down 65 %
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First Published: Fri, Aug 05 2011. 09 10 PM IST
Updated: Fri, Aug 05 2011. 09 10 PM IST
Bangalore: iGate Corp. posted a net profit of $4 million for the quarter ended June, down 65% from the corresponding quarter last year.
iGate Patni chief executive Phaneesh Murthy said in a telephone interview from New York that the company was in “protect” mode, a period of conserving the company’s business while integrating with Patni Computer Systems Ltd.
The first phase of the integration involving the marketing and sales teams is complete, he said. Shared services and delivery integration will be completed by December next year.
The blending of IGate and Patni’s financials and wage increases have hurt profit margins, which will improve to iGate’s targeted levels over the next few quarters, he said. He didn’t specify the margin.
Revenue for iGate alone, excluding Patni, grew 14.7% year-on-year to $76 million.
Patni grew at 9.7%.
Combined revenue for the June quarter was $170 million.
iGate added nine Fortune 1000 clients during the quarter. “We are having conversations for large opportunities with companies,” Murthy said.
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First Published: Fri, Aug 05 2011. 09 10 PM IST