Mumbai: Software solutions provider iGate Global Solutions Wednesday posted a 80.88% increase in net profit at Rs28.85 crore for the quarter ended 31 December, 2007 against Rs15.95 crore during the corresponding period 2006.
The company informed the Bombay Stock Exchange that the total income of the group also increased marginally to Rs212.72 crore against Rs210.59 crore for the same period previous year.
“The visibility of revenue is getting better and we are looking at another good sequential quarter,” said iGate Global Solutions CEO Phaneesh Murthy.
The standalone net profit of the firm for the quarter under review stood at Rs27.48 crore, a gain of 61.17% over the corresponding period’s figure at Rs17.05 crore.
The total income of the firm increased to Rs200.80 crore for the quarter under review against Rs195.79 crore for the same period previous year, a surge of 2.56%.
Last year the company had said that its US-based parent, iGate Corp, intends to delist its shares from all the stock exchanges of the country.
As per the law, the company would be delisted after iGate Corp and its affiliate iGate Inc acquire over 90% of iGate Global’s common stock. iGate Corp currently holds 93.44% of the outstanding capital of iGate Global Solutions thereby qualifying for the reverse book building process.
“The delisting process has largely been a smooth one. We have formally applied for delisting and expect approval shortly,” Murthy added.
The shares of iGate Global Wednesday surged 6.75% and was trading at Rs424 in early trade on the BSE.