iGate Global rebounds in Q4

iGate Global Solutions has reported a net profit of Rs 2.2 crore for Q4 in FY05 as against a net loss of Rs 5.6 crore for Q4 FY04.

Revenues were up 5.3 per cent at Rs 145.6 crore in the quarter as against Rs 138.1 crore in Q4 FY04. For the full year ended March 31, 2005, iGate reported a net of Rs 21.5 crore as against a net profit of Rs 8 lakh for FY04.

Revenues were flat for the company, registering a nominal 1.72 per cent growth to reach Rs 579.9 crore for FY05 as against Rs 570.1 crore for FY04.

The company has recommended a dividend of Rs 0.60 per share, 15 per cent of par value of Rs 4 per share amounting to Rs 1.76 crore, exclusive of dividend tax.

Said Phaneesh Murthy, CEO, iGate Global, "The past year was a consolidation period for us and we had mixed outcome. We did well on building our internal capabilities, brought onsite/ offshore ratios to industry standards and improved margins. Because of the shift in operations to be more offshore-centric, although volumes grew by 22 per cent, our revenues were flat. Our challenge this year will be to add the kind of customers that can help us scale our business in the new integrated technology and operations model."

During FY05, iGate saw the contribution from North America drop to 70 per cent of total revenues, down from 76 per cent last year, with Europe contributing 17 per cent and Asia-Pacific, including Japan, contributing 13 per cent.

iGate during the year added 811 employees including 242 during Q4 FY05, taking the total headcount count to 3,952.