iGATE net profit trebles to $12.7 mn

Nasdaq-listed information technology services company iGATE trebled its net profit to $12.7 million (around Rs 70 crore) in the second quarter ended June, as compared with $4 million in the same period a year ago. The revenue increased 57.3 per cent to $268 million in the quarter under review on a year-on-year basis.

The comparable figures reported in the quarter ended June do not include the financials of

Patni Computer Systems, since the merger got completed in the quarter ended September 30, 2011. The company recently delisted Patni from Indian bourses.

When compared with the previous quarter, iGATE’s net profit dropped 89 per cent, whereas its revenue went up marginally, by 1.8 per cent. The flat growth of sequential net profit indicates the demand environment continues to be challenging.

“It has been satisfying to see growth coming back in a volatile market. I am happy with the pedigree of the new clients we have added in the quarter, with seven of them being Fortune 1,000 companies,” said CEO Phaneesh Murthy in a statement.

During the quarter, iGATE added 17 clients. The company added 317 people on a net basis, to close the headcount with 27,417 employees.