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iGate net profit jumps 44% in Q1

evenues for the first quarter of 2013 increased four per cent to $274.9 million from $263.3 million in the first quarter of 2012.

twitter-logo PTI   New Delhi     Last Updated: April 11, 2013  | 19:45 IST

IT firm iGate on Thursday posted 44 per cent jump in net profit at $34.8 million for the first quarter ended March 31, 2013.

This is against a net profit of $24.1 million registered in the January-March quarter of 2012, iGate said in a statement.

Revenues for the first quarter of 2013 increased four per cent to $274.9 million from $263.3 million in the first quarter of 2012.

"I am pleased to see a steady start to the year. We have made significant investments in sales, marketing and branding in our markets. The pace at which we are adding quality new clients is satisfying," iGate Chief Executive Officer Phaneesh Murthy said.

iGate added 10 new customers during the quarter, of which six were Fortune 1000 companies, it said.

The company ended the first quarter of 2013 with 28,204 employees, it added.

"I am happy to see good earnings growth during the quarter. Our margins were a bit lower as a result of the visa related costs that we partially absorbed in the quarter," iGate CFO Sujit Sircar said.

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