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iGATE revenue up 4.7 percent sequentially in Q3
By siliconindia
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Wednesday, 21 October 2009, 18:28 IST
Bangalore: iGATE (NASDAQ:IGTE) an integrated technology and operations (iTOPS) company has announced its financial results for the third quarter of fiscal 2009, ended September 30, 2009. The net profit of the company for Q3 (third quarter) was $8.9 million compared to $6.1 million in the Q2.
The company has generated a revenue of $49.1 million compared to $55.4 million made in the corresponding quarter of financial year (FY) 2008. Gross profit margin increased to 41.1 percent from 38.4 percent in the corresponding quarter of last year. Net margin was 18.1 percent for the quarter as against 15.3 percent in the third quarter of 2008.
After the results, Phaneesh Murthy, CEO, iGATE said, "First time offshore and growth from existing customers helped to drive up sequential volume and revenue. Better overall efficiencies helped move us toward our objective of attaining best in class earnings growth."
During the quarter, the company has added six new customers as well as 6,380 new employees compared to 6,407 in the same period last year. A Fortune 500 North American building materials company selected iGATE as its preferred partner by signing a multi-year, multi-million dollar deal to support its ERP (enterprise resource planning) applications. The client has applications running in diverse ERP platforms across the globe. iGATE will leverage its global delivery model to execute this project.
iGATE is providing a 24x7x365 remote infrastructure support services for the messaging environment of a global pharmaceutical company. The company has crafted an offshore support model that assures single point of ownership, round-the-clock service availability and alignment to industry standard best practices for the client's messaging infrastructure. iGATE's end-to-end capabilities in mortgage servicing resulted in a Fortune 20 bank selecting it as a preferred partner in providing back-office support in loan fulfillment.
An online marketing and lead generation agency has engaged iGATE to redesign its financial systems.