iGATE reports profits up 136%

19th July 2013 | By Mouseworld Now Correspondent |

iGate-LogoNew Delhi, India, July 19, 2013: iGATE Corporation, the integrated Technology and Operations Company providing Business Outcomes- based solutions, today announced its financial results for the second quarter and six months ended June 30, 2013.

Gerhard Watzinger, CEO, iGATE, said, “I am pleased with our performance in the second quarter with revenue growing 3% sequentially. We booked orders worth over $600 million including three significant multi-year contracts each valued at $100 million or greater. I am happy to see that the Business Outcomes proposition is resonating well with our customers and markets.

We are seeing more positive signs related to offshore IT services spending and stability in the overall business environment, with clients spending to their budgets,” he added.

Sujit Sircar, CFO, iGATE, said, “I am happy with the margin growth seen in the quarter as we absorbed our annual wage hikes which were offset largely by operational efficiencies and to an extent the depreciation of the Indian Rupee. Our profits increased and the cash flow position looks good. The diluted earnings per share increased by 57% on a non GAAP basis, which is another positive.

On the currency fluctuation, Sircar said, “The tailwinds provided by the rupee fluctuation against the U.S. dollar appear to be short-lived with the operating costs going up in the medium to long term.”

iGATE secured a multi-year iTOPS-based contract worth approximately $200 million from a leading financial services company in Europe to increase operational and technological efficiencies across the client’s financial instrument data management systems. As part of this managed services contract, iGATE, using its proprietary Reference Data Management Solution, will consolidate fragmented Business Processes across multiple technology systems to provide a Financial Instrument Data managed service, which will lower risk and complexity for the client and provide significant cost savings.

iGATE won a multi-year contract with a leading telecom provider in Europe worth approximately $100 million to transform the company’s IT infrastructure and rationalize its vendor landscape in the region. As part of the engagement, iGATE will take responsibility for transforming and managing all enterprise systems, including ERP, Business Intelligence, Infrastructure and Data Network & Telephony services. iGATE will also provide ‘Infrastructure as a Service’ for the client and specific partners – as well as a multilingual service desk to monitor and report all vendor performance metrics.


© Mouseworld Now News Service



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