iGate Global reports Q1 loss of Rs.4.90 million, stock down 3.5%

iGate Global Solutions Ltd has announced the Audited financial results for the quarter ended June 30, 2007.

The Company has posted a net loss of Rs 4.90 million for the quarter ended June 30, 2007 as compared to net loss of Rs 35.10 million for the quarter ended June 30, 2006. Total Income has increased from Rs 1638.50 million for the quarter ended June 30, 2006 to Rs 1853.60 million for the quarter ended June 30, 2007.

The Consolidated results are as follows: The Group has posted a net profit for the period after Minority Interest of Rs 143.10 million for the quarter ended June 30, 2007 as compared to Rs 10.50 million for the quarter ended June 30, 2006. Total Income has increased from Rs 1814.90 million for the quarter ended June 30, 2006 to Rs 2008.40 million for the quarter ended June 30, 2007.

"Better realized rates, higher utilization and increased offshore leverage helped us nearly double the operating margins in Q1FY08 compared to Q1FY07 despite a stronger Rupee" said Phaneesh Murthy, CEO, of the Company.

The stock was trading at Rs.286.55, down by Rs.10.40 or 3.50%. The stock hit an intraday high of Rs.296.95 and low of Rs.281. The total traded quantity was 41670 compared to 2 week average of 13790.

Source : Equity Bulls

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