The Hindu Business Line : Jobs shift to India helps iGATE

iGATE Corp, an integrated technology and operations company, reported a 15 per cent increase in revenue for its global solutions segment in the second quarter, helped by good management of foreign exchange, bench strength and SG&A expenses. For the quarter, the global solutions segment reported revenue of $55.6 million, compared with $48.6 million in the corresponding period last year. Operating income increased to $8.1 million from $1.1 million in the year-ago quarter, the company said in a statement.

On a consolidated basis, iGATE had net income of $8.40 million, compared with $2.07 million in the corresponding period last year. Revenue increased 6 per cent to $80.0 million ($75.6 million). The company shifted a lot of back-office work related to iGATE Corp from US to India and that helped them to reduce the Selling, General and Administrative expenses, Mr Phaneesh Murthy, Chief Executive Officer, said. A better management of the bench strength helped achieve better margins. The utilisation rate increased 1 per cent, which offset the wage hike during the quarter , Mr Murthy said. - Our Bureau

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Jobs shift to India helps iGATE