iGate net rises 3.6% on higher sales

Read what is going on the industries which can effect your sales..
User avatar
Posts: 678
Joined: Wed Jan 16, 2013 1:57 pm

iGate net rises 3.6% on higher sales

#1 Postby Shivani » Fri Oct 11, 2013 11:04 am

iGate the software seems to be untouched by the effect of the exit of former CEO Phaneesh Murthy in May as it reported a 3.6% quarter-on-quarter rise in net profit for the July-September period on the back of improved sales and higher margins.

The company disclosed the results on thursday reported a net profit of $31.9 million for Q3, compared with $30 million in the preceding April-June quarter. Year-on-year, sales rose by 12.7% over last year’s net profit of $28.3 million.Revenue for the quarter grew 8% to $293.4 million from $271.1 million last year and $283.3 million in Q2.Ashok Vemuri said.."There's tremendous opportunity for several reasons. iGate is at an inflection point in terms of growth, with revenues of about $1 billion. It is large enough in scale to matter and to deliver complex programmes to clients, and small enough to be nimble".

After a rather controversial exit of Phaneesh Murthy, who was asked to leave the company due to alleged charges of sexual harassment, Vemuri’s confidence brings the much needed relief to iGate shareholders.

Return to “Business News”

Who is online

Users browsing this forum: No registered users and 5 guests