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News >> Technology >>
iGate PAT dips 99 percent
By siliconindia
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Wednesday, 14 July 2004, 19:30 IST
BANGALORE: iGate Global Solutions (iGS) struggle continued into the first quarter period, ended June 30, 2004, of the fiscal by registering a 99 percent decline in profit after tax against a year ago period. The company has recorded Rs 11 lakh in profit after tax in comparison to Rs 7.71 crore garnered during the previous year.
The good news is that the company has risen from a profit after tax loss of Rs 5.61 crore, posted during the January-March quarter this year has been converted in to a profit in this quarter.
The erstwhile Mascot Systems, iGS' operating revenue have also dipped to Rs 141.56 crore, less 1.4 percent to Rs 143.63 crore during the same period a year ago. However on a quarter-on-quarter basis, the company has managed to edge past its subsequent quarter performance by about 2.5 percent.
Operating profit of the company also declined by 61.5 percent during the period to the similar year-ago period. As against the previous quarter's performance, operating profit of the company hiked by 16.4 percent.
The positive signs, according to CIOL, about the company's return to black is reinstated by the addition of six new clients added during the quarter. "Over the last three quarters we have focused on building out our operational efficiencies and execution excellence. Progress is steady - with the onsite-offshore ratios improving quarter-on-quarter, upward trend in operating profits and our Information Systems (IS) in place, the time is right for us to focus on our sales engine. Over the next few quarters our goal will be to put in place sales infrastructure that can ensure more Global 2000 organizations benefit from our unique model," said Phaneesh Murthy, CEO, iGATE Global Solutions.
The onsite-offshore ratio is now at 46:54, from 48:52 in the previous quarter. This has led to an increase in offshore volume of 8.1% over the previous quarter and is a key contributor to the increase in operating profits.