The Hindu Business Line : iGATE Global Q2 net up 85 pc

iGATE Global Solutions said its profits increased by 85 per cent to Rs 5.62 crore for the quarter ended September 2005 compared to Rs 3.04 crore in the corresponding quarter last year.

The company reported a 5.6 per cent growth in second quarter revenues to Rs 155.77 crore compared to Rs 149.36 crore in the corresponding quarter last year.

"The results have been better than expected because of increasing traction with some customers that we have acquired in the last 12 months," said Mr Phaneesh Murthy, CEO, iGATE Global Solutions.

The company is seeing an increased adoption of its iTOPS (integrated technology and operations) model. Revenue from the top five clients grew 6 per cent, on a quarter-on-quarter basis. Eight new clients were added during the last quarter.

Offshore leverage has also risen by one per cent to become a 68:32 ratio. Mr Mohan Sekhar, Chief Delivery Officer, iGATE Global Solutions, said, "With larger projects coming to us, we have been able to continually drive offshoreability up and coupled with increased utilisation at 75 per cent, we have seen a slight margin expansion."

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