The Hindu : Business : iGate net up 9 p.c. at Rs. 23 cr.

Online edition of India's National Newspaper
Wednesday, Apr 12, 2006

Business

Business

iGate net up 9 p.c. at Rs. 23 cr.

Special Correspondent

Plans to hire 1,200 during 2007

Recommends 30 p.c. dividend
Attrition level is 20 p.c.

Adds 36 new customers

BANGALORE: iGATE Global Solutions (iGATE), the integrated technology and operations company, has notched a nine per cent growth in net profit at Rs. 22.83 crore for the year ended March 31, 2006, against Rs. 20.79 crore a year ago.

The net profit in the fourth quarter of the fiscal year rose to Rs. 4.70 crore from Rs. 1.50 crore in the same period in the previous year, Phaneesh Murthy, CEO, iGATE Global Solutions, told reporters here while announcing the results.

The board of the company, which met recently, had recommended 30 per cent dividend.

Revenue for the year was Rs. 636 crore against Rs. 580 crore. The operating profit was Rs. 61.14 crore against Rs. 32.50 crore. The company added 36 new customers during the year, of which 24 were Fortune 1,000 companies. iGATE hired 1,200 this year and planned to recruit another 1,200 during 2007.Due to immense opportunities, the attrition level was high at 20 per cent and iGATE was striving to reduce it to around 10-12 per cent.

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