iGate operating profit zooms 127%
By agencies   |   Thursday, 12 January 2006, 20:30 IST
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BANGALORE: For the third quarter of the current financial year, iGate Global Solutions Ltd’s operating profit jumps 127 percent to $4.47 million from $1.96 million in the corresponding quarter last year, the company stated while announcing its Q3-06 results. However, iGate’s net profit dropped due to high provisions for diminution in the value of unspecified long-term investments. Net profits for Q3-06 stood at $0.29 million as against $3.6 million during the second quarter of the current financial year that included other income of $3.55 million on sale of assets. Commenting on results, the company’s CEO, Phaneesh Murthy said, “Our existing customers, pleased with our execution, are contributing to our growth. We have put in place significant expansion plans in Canada and Japan.” IGate’s revenues for the third quarter were up by 15.1 percent at $37.53 million as compared to $32.60 million in the same period previous financial year. Sequential revenues were up 6 percent, while net profits were down by about 77 percent over the previous quarter. The company added nine new clients during the quarter of which six are Fortune 1,000 companies. Revenues from the top 15 clients grew five percent sequentially.

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