iGATE Corp net profit up 4%

iGATE Corp net profit up 4%

iGATE Corporation, on Wednesday, announced a 4 per cent increase in its net income for quarter ended December 2011 (YoY) at $15.3 million, compared to $14.7 million in the same quarter previous year.

The company’s net revenue for the quarter ended December 2011 was $267.7 million, a phenomenal 230 per cent year-on-year rise from $81 million in the same period previous year. Its adjusted EBITDA (Earnings Before Interest, Taxes Depreciation and Amortisation) for the fourth quarter stood at $68.1 million, compared to $23.4 million in the previous quarter previous year, a rise of 191 per cent.

Briefing reporters, iGATE Patni CEO, Phaneesh Murthy said, “Fiscal year 2011 was a milestone year for iGATE Patni, with the combined entity ending the year with revenue run rate in excess of $1 billion. I am particularly happy with the way our integration with Patni has been going smoothly and at an accelerated pace ensuring value protection to all stakeholders.”

Murthy added that they are seeing their differentiated outcomes-based business model is getting increased tractions and that almost all their top customers would be expanding work and programmes with them.

The company has added 16 new clients in this quarter and is also planning to hire 2,000 employees in 2012- with 1,200 freshers and 800 experienced staff. The headcount was 26,523 employees as of December 2011.

iGATE Patni has made a $120 million capital outlay for expansion of facilities in Bangalore, Pune and Mumbai and is also chasing two deals worth $200 million each.