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Bangalore, July 13 IT services and consulting firm iGATE Global Solutions posted a net profit of Rs 14.3 crore for the first quarter ending June 30, 2007, on a revenue of Rs 199.4 crore, that grew by 9.8 per cent from Rs 181.6 crore in the corresponding quarter last year.

The operating profit went up from Rs 12.89 to Rs 26.36 crore during the period. “Better realised rates, higher utilisation and increased offshore leverage helped us nearly double the operating margins… …despite a stronger rupee,” said Mr Phaneesh Murthy, CEO, iGATE Global Solutions, in a release issued by the company.

The contribution of offshore projects stood at 77 per cent (73 per cent) in and utilisation went up from 71 per cent (67 per cent). Three new clients were added during the quarter, including two Fortune 1000 companies.

The company also announced that the fourth phase of its newly announced development centre has been finalised. The iGATE Centre for Organisation Development and Leadership, when fully complete, will accommodate an additional 3,500 seats.

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