The Hindu Business Line : iGate Q1 net income rises 71%

Bangalore, April 18 iGate Corp, an integrated technology and operations company, reported a 71 per cent increase in the first quarter net income, helped by strong growth from both new and existing clients.

For the period, net profit was $7.4 million, compared with $4.3 million in the year-ago quarter, the company said in a statement. Revenue increased 7 per cent to $79.8 million.

The company’s gross margins increased due to increase in higher margin revenues, improved bill rates and reduction in attrition rates, said Mr Ramachandran Natesan, Chief Financial Officer.

The company added 7 new clients this quarter. Mr Phaneesh Murthy, Chief Executive, said the pricing environment was reasonably comfortable in the current quarter. He expects it to remain so in the next few quarters.

Mr Murthy said IT budgets of the clients have not reduced drastically. For most of iGate’s clients, it has either gone up or remained flat.

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