iGATE Q4 net up at Rs 2.2 crore

iGATE Global Solutions Limited, the first integrated technology and operations company with a global services delivery model announced on Thursday its results for the quarter and year ended 31st March 2005.

Revenues for Q4FY05 stood at Rs 145.6 crores (Rs 1.46 billion), and net profits for the same period rose to Rs 2.2 crores (Rs 22 million), up from a loss of Rs 5.6 crores (Rs 56 million) in the comparable quarter of the previous year.

Revenues for the year were Rs 580 crores (Rs 5.8 billion), up from Rs 570 crores (Rs 5.7 billion) for the previous year.

Net profits were Rs 21.2 crores (Rs 212 million), up from the previous financial year.

"The past year was one of consolidation for us and we had mixed outcomes. We did well on building out our internal capabilities, brought onsite/offshore ratios to industry standards and improved margins. Because of the shift in operations to be more offshore-centric, although volumes grew by 22 per cent, our revenues were flat. Our challenge this year will be to add the kind of customers that can help us scale our business in the new integrated technology and operations model," Phaneesh Murthy, CEO iGATE Global Solutions.

Highlights

• The integrated technology and operations business model validated through engagements in the mortgage banking, capital markets, and finance and accounting verticals
• Onsite-offshore ratio improves to 34:66, from 48:52 in comparable quarter of previous year, leading to margin expansion
• 44 new clients were added during the year of which 22 are Global 1000; 11 new clients were added during the quarter of which 5 are Global 1000
• The Board of Directors recommended a dividend of Rs 0.60 per share 15 per cent of par value of Rs 4 per share amounting to Rs 1.76 crores, exclusive of dividend tax.
• There were 3952 employees as on March 31, 2005, with net additions of 242 employees during the quarter, and 811 during the year.