iGATE net up 80%

iGATE Global Solutions has posted net profit of Rs 10.6 crore in the second quarter ended September 30, 2006, a jump of 80 per cent from the Rs 5.9 crore in the corresponding quarter of FY06. The revenue for the quarter grew by 40 per cent to Rs 186.93 crore as against Rs 133.58 crore in the corresponding quarter of FY06.

The earning per share (EPS) in the Q2 grew by 58 per cent to Rs 3.4 from Rs 2.15 in the corresponding quarter previous fiscal.

"We ended the second quarter with strong revenue growth driven by healthy broad-based demand. Existing clients are ramping up their business with us and we have also added a number of new clients. We have reached a good, sustainable growth model," said Phaneesh Murthy, CEO, iGATE Global Solutions.

The company has also announced that it has offered a choice to its employees to convert their previously issued stock options to restricted stock units (RSUs).

The RSUs have been awarded to reward its employees and enable wealth creation, the company said in a statement.

In addition, iGATE has decided to award RSUs on an annual basis to high performers.

During the quarter the company has added ten new clients of which five are Fortune 1000 companies. This apart, the number of million dollar clients increased to 26 from 23 in the previous quarter.

The company has announced increasing its stake to 60 per cent in the US-based Loan Pro LLC.