The Hindu Business Line : Virtusa Q1 revenue up at $37.4 m

Hyderabad, Sept. 6 Virtusa Corporation has recorded revenues of $37.4 million for the first quarter of the current fiscal ended June 30, up 46.1 per cent year-on-year and 6.2 per cent sequentially.

It reported income from operations of $3.2 million, or 8.5 per cent of revenue. This represents an increase of 37.8 per cent compared with $2.3 million in the first quarter of fiscal 2007.

‘Strong start’

Mr Kris Canekeratne, Chairman and CEO, said: “after our initial public offering in August, the first quarter was a strong start to fiscal 2008.”

The company ended the first quarter of fiscal 2008 with $39.5 million of cash and cash equivalents. The cash balance on June 30, 2007 does not include approximately $57 million in net proceeds before expenses that were raised through the company’s initial public offering, which was completed on August 8. Virtusa ended the first quarter of fiscal 2008 with no long-term debt.

Mr Tom Holler, Chief Financial Officer, said: “our construction plans to build a 6,000 person capacity campus in Hyderabad continue to be on track, and we believe that the proceeds from our IPO will enable us to invest in the infrastructure necessary to support the growth of our business. We finished the quarter with approximately 3,690 global team members, and we will continue to hire top IT professionals to help us meet demand for our end-to-end services.” Fiscal year 2008 revenue is expected to be in the range of $164-$167 million.

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