iGate suffers over 9% fall in quarterly net profit

iGate suffers over 9% fall in quarterly net profit

NASDAQ-listed IT services provider iGate on Thursday reported a decline of more than 9 per cent in net profit for quarter ended March 31, 2014.

The New Jersey-based provider of integrated technology and operation solutions announced that its net profit slipped 9.19 per cent year-on-year to $31.6 million in the January-March quarter of 2014, from $34.8 million in the corresponding quarter of the previous year.

In the previous quarter, October-December quarter of 2013, the company's net profit stood at $33.1 million.

The company suffered the decline in net profit in spite of nearly 10 year-on-year increase in revenues, from $274.9 million in January-March 2013 to $302.2 million in January-March this year.

However, iGate President and CEO Ashok Vemuri cited healthy pipeline and expressed hope to a sustainable growth in the coming year.

Mr. Vemuri said in a statement, "Overall market conditions appear to be favourable across the board. With a healthy pipeline, along with the timely rollout of investments in people and solutions, iGATE believes it is well positioned for sustainable growth."

Diluted earnings per share on the basis of GAAP stood at $0.29 and the company bagged nine new customers during in the three-month period under review.

As on March 31 this year, iGate had a total of 30,835 employees with a net addition of 1,102 during the January-March quarter.

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