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IGate Q2 results top market estimates

IGate Q2 results top market estimates
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First Published: Wed, Jul 14 2010. 05 25 PM IST
Updated: Wed, Jul 14 2010. 05 25 PM IST
New delhi: IGate Corp, which provides information technology and outsourcing services, posted quarterly results that topped market estimates, helped by strong demand and new customers.
IGate, which competes with Infosys Technologies’, Cognizant Technologies Services Corp and Genpact Ltd added four new customers during the quarter.
“We are encouraged by the new client wins and the quality of prospects we are talking to,” chief executive Phaneesh Murthy said in a statement.
For the second quarter, the company posted a net income of $11.2 million, or 20 cents a share, compared with net income of 6.1 million, or 11 cents a share, last year.
Revenue jumped 43% to $66.8 million from the year-ago period.
Analysts were expecting it to earn 17 cents a share, before items, on revenue of $61.2 million, according to Thomson Reuters.
Gross profit margin remained almost flat at 38.1%, as salary increases and substantial hiring caused a short term pressure on margins.
The company added 801 employees to end the quarter with 8158 employees as of 30 June.
IGate shares, which have more than doubled in value over the last 52 weeks, closed at $14.17 Tuesday on Nasdaq.
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First Published: Wed, Jul 14 2010. 05 25 PM IST