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Stock Report
iGate Global stock jumps on excellent Q2 results, net profit at Rs.106 million
Posted On : 2006-10-11 03:18:25( TIMEZONE : IST )
iGate Global Solutions Ltd has announced the following audited results for the quarter ended September 30, 2006:
The Company has posted a net profit of Rs 106.00 million for the quarter ended September 30, 2006 where as the same at Rs 59.00 million for the quarter ended September 30, 2005. Total Income is Rs 1869.30 million for the quarter ended September 30, 2006 where as the same was at Rs 1335.80 million in September 30, 2005.
The Consolidated results are as follows:
The Group has posted a net profit for the period after Minority interest of Rs 101.40 million for the quarter ended September 30, 2006 where as the same at Rs 56.20 million for the quarter ended September 30, 2005. Total Income is Rs 2023.40 million for the quarter ended September 30, 2006 where as the same was at Rs 1562.00 million in September 30, 2005.
During the quarter ended September 30, 2006, following the receipt of approval of the Division of Corporations, Delaware, under the Delaware Ltd Liability Company Act and completion of necessary legal formalities, all assets, liabilities and business as a going concern of the subsidiary Symphoni Interactive LLC,USA were transferred to and merged with the USA Branch of the Company with effect from April 1, 2006. The figures for the quarter and half year ended September 30, 2006 in so far as they relate to standalone financial statements include the effect of the merger and are, therefore, not comparable with the figures for the corresponding periods of the previous year.
During the quarter ended September 30, 2006, Loan Pro LLC, USA became a subsidiary of the Company consequent to the acquisition of 55% of equity of Loan Pro LLC, USA with effect from July 01, 2006 taking the Company's total equity interest in Loan Pro LLC, USA to 60%.The figures for the quarter and half year ended September 30, 2006 in so far as they relate to consolidated financial statement include the effect of the acquisition and are, therefore, not comparable with the figures for the corresponding periods of the previous year.
"We ended the second quarter with strong revenue growth driven by healthy broad based demand. Existing clients are ramping up their business with us and we have also added a number of new clients. We have reached a good, sustainable growth model," said Phaneesh Murthy, CEO, of the Company.
