The Hindu : Business : iGATE clocks Rs. 21 crores net

Online edition of India's National Newspaper
Friday, Apr 15, 2005

Business

Business

iGATE clocks Rs. 21 crores net

Special Correspondent

BANGALORE: iGATE Global Solutions has posted a net profit of Rs. 21.20 crores for the year ending March 31, 2005, up from Rs. 8 lakhs during the previous fiscal.

Announcing the fourth quarter results here, the company said its net profit for the quarter ending March 31, was Rs. 2.20 crores against a loss of Rs. 5.60 crores in the corresponding quarter of the previous year.

Revenues for the year stood at Rs. 580 crores, an increase of Rs. 10 crores from last year's figures and in the fourth quarter it was Rs. 145.60 crores, the company said.

"The past year was one of consolidation for us and we had mixed outcomes. We did well on building our internal capabilities, brought onsite/offshore ratios to industry standards and improved margins. Although volumes grew by 22 per cent, our revenues were flat because of the shift in operations to be more offshore-centric. 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," company CEO, Phaneesh Murthy, said.

The directors recommended a dividend of 60 paise per share (15 per cent on a par value of Rs. 4 per share), amounting to Rs. 1.76 crores, exclusive of dividend tax.

Printer friendly page
Send this article to Friends by E-Mail

Business