iGate net rises 3.6% on higher sales

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Shivani
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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.

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