Features

iGate Q1FY06 Profits, Revenues Up

By Indu Britto

In its first quarter results, iGATE Global Solutions' revenues for Q1FY06 stood at Rs. 147.49 crores, up 4.19% over Q1FY05 revenues of Rs. 141.56 Crores and net profits for the same period rose to Rs 1.42 crores, up from Rs. 0.11 Crore in Q1FY05. The company also announced the induction of Karl Heinz Achinger, former Member of the Board of Management of DaimlerChrysler Services AG onto the iGATE Global Solutions Board. As the founder and Chairman of the Board of Management of Debis Systemhaus (now T-Systems), the second largest System Integrator in Europe, Mr. Achinger has been instrumental in growing the company from revenues of 380m Euros to a 3bn Euros services conglomerate in less than a decade. He has also served on the executive board of services giant Cap Gemini between 1991 and 1996. Mr. Achinger will provide iGATE with the strategic direction and frameworks to scale its global services business.

Commenting on the results, Phaneesh Murthy, CEO, iGATE Global Solutions said "The highlight of the quarter was the signing of a multi-year preferred supplier agreement with one of North America’s premier financial services groups."

The client, a large financial services company, provides a wide range of financial services to millions of customers through its global operations. As part of the client’s global-wide support of their technology and operations groups, iGATE will assist with the client’s establishment of a Project Management Office and supporting processes as well as participating in the client’s initiatives that focus on quality enhancements and improving their CMM status. These initiatives are also designed to help the client realize better operational efficiencies while fostering process and technology innovation.

Highlights of Q1FY06

Offshore revenues up 32.9% y-o-y and 7.4% sequentially, offshore leverage further up by 1% to 67:33 (Q4FY05 – 66:34, Q1FY05 – 54:46)
Revenue from top 5 clients grow 10.8% q-o-q
Offshore billing rates grow 3.5% q-o-q
729 employees added y-o-y, 331 added q-o-q. Total employee strength at 4283
11 new clients added during the quarter of which nine are in the Global 1000 space


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