iGate Q1 net up 35% at $24 mn

US-based iGate Corporation today reported a 35% increase in net profit at $24.1 million for the first quarter ended March 31, 2012.

In the same period last year, the IT services company had reported a net profit of $17.9 million, a statement said.

Revenues for the first quarter of 2012 increased by nearly 248% to $263.3 million from $75.8 million in the year-ago period.

iGate, which had acquired Indian IT company Patni Computer Systems last year, now operates under the brand name iGate Patni.

On April 10, 2012, iGate said it will offer Rs 520 per share to shareholders of Patni Computer Systems to get the company delisted from Indian stock exchanges.

iGate-Patni added seven new customers during the quarter, the statement said.

"The successful delisting of Patni will be an important step towards our vision of 'one company' and will set us up well for a possible downstream merger while also reducing costs of compliance and governance," iGate Patni Chief Financial Officer Sujit Sircar said.