iGATE Global Solutions reports revenue of Rs 182 crore for Q1FY07

The company records a Year on Year 23% revenue growth and 28% jump in operating profit. iGATE Global Solutions (iGATE), the integrated Technology and Operations (iTOPS) company announced its results for the first quarter (Q1) ending 30 June 2006. Revenue for Q1 FY07 grew 23% to Rs 182 crore compared to Rs 147 crore in the corresponding quarter previous year. Operating profit in Q1 FY07 was Rs 12.9 crore, a 28% growth compared to Rs 10.1 crore made in the same quarter FY06.

"Clients we acquired in the Financial Services industry in the last 18 to 24 months are contributing to the growth of iGATE. Pleased with our investments in creating IP, our domain expertise and execution abilities, select clients in this space are fuelling our growth," said Phaneesh Murthy, CEO, iGATE Global Solutions.

Highlights:

• Good revenue growth and visibility
• Two new customers added in FY04-05 make it to the top 10 client list.
• More broad based revenues; top client now contributes 26%.
• Leading presence in the mortgage space; stake in Loan Pro LLC (LP), a US-based mortgage origination services firm increased to 60%

Source : Equity Bulls

Keywords