iGate Q1 net up 44% at $34.8 mn

iGate Q1 net up 44% at $34.8 mn Mumbai: IT firm iGate Thursday posted 44 percent jump in net profit at USD 34.8 million for the first quarter ended March 31, 2013.

This is against a net profit of USD 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 percent to USD 274.9 million from USD 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.

PTI