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Our Bureau

Bangalore , Oct. 11

iGATE Global Solutions Ltd reported 80 per cent growth in net profit quarter-ended September 30, 2006, to Rs 10.6 crore over the corresponding quarter last year. Revenues for the quarter increased by 30 per cent as compared with last fiscal to Rs 202.6 crore. Sequentially revenues grew by 11 per cent over previous quarter.

Mr Phaneesh Murthy, CEO, iGATE, attributed the increase in net profit vis-a-vis revenues to better margins and higher billing rates from bigger clients. "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," he added.

iGATE added 10 new clients during the quarter of which five are Fortune 1000. Million dollar clients increased to 26 from 23 during the quarter. Largest client GE renewed its contract with iGATE during the quarter for another three years. GE accounts for 26 per cent of company's revenues. The company also added 400 employees during the quarter to take the total to 550. iGATE also increased its stake by 55 per cent in US-based Loan Pro LLC, taking its total stake in the company to 60 per cent.

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