iGATE Global's Q1 net down 10%

By siliconindia   |   Tuesday, 29 July 2003, 07:00 Hrs
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iGATE Global Solutions (formerly Mascot Systems) group has seen its net profit for the first quarter (Q1) ended June 30, 2003, dip 10.5% on a year on year basis. Net profit was Rs 7.7 crore against Rs 8.6 crore. Though the net declined, iGATE saw its revenues for Q1 rise by 58% at Rs 143.63 crore (Rs 90.92 crore comparative period).

BANGALORE: On a sequential basis (comparing Q1 with the Q4 ended March 31, 2003) the company’s revenues showed a marginal increase of 1.1%, while the net profit showed a decline of 24.41%. During Q1, the offshore contribution expanded to 21.3% compared to 18.5% in Q4. In terms of geographies, the US market contributed 77.8% to the topline while Europe accounted for 9.3%. In case of US market, the contribution actually fell 2.7% while Europe grew by 30.7%. Asia-Pacific grew by 9.1%, both the figures on a sequential basis. In terms of client contribution, GE accounted for only 41% of the topline, while the next four clients brought in 20.7%. In fact, GE’s contribution to the topline has declined 3.8%, while it has declined by 1.4% for the next four on a sequential basis.