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Virtusa Corporation, a global business consulting and IT outsourcing company, today posted nearly 23% increase in net income to $7.5 million (around Rs 45 crore) for the April-June quarter over the same period last year on the back of forex gains.
The Nasdaq-listed company, which has office in Chennai, had reported a net income of $6.1 million (about Rs 36 crore) for the first quarter of last fiscal.
Revenue grew by 19% to $90.5 million in the quarter under review, the company said in a statement.
The Massachusetts-based company, which has operations in North America, Europe and Asia, has about $400,000 of foreign currency transaction gains during the quarter.
"Our first quarter played out as expected, setting the foundation for strong sequential revenue growth rates throughout the remainder of the fiscal year," company CFO Ranjan Kalia said.
"We remain well positioned to drive above market growth rates in fiscal year 2014 while delivering on our stated objective of meaningful operating margin expansion," he added.
Revenue is expected to be in the range of $93.3 million to $95.3 million in the second quarter, the company said. For whole fiscal, the company forecast a revenue of $378-392 million.
The Company ended the April-June quarter with $89.7 million of cash, cash equivalents, and short-term and long-term investments.
Virtusa Corporation is a global IT services company providing IT consulting, technology and outsourcing services.
