iGATE Q4 net profit jumps 110 per cent

iGATE corporation on Thursday reported net profit of $32.2 million for the quarter ended December 31, 2012 (Q4), an increase of 110 per cent from $15.3 million in the same period last year.

The company's revenues in Q4 stood at $271.6 million, which is 1 per cent more than $267.7 reported in Q4 previous year. On the performance of the company in 2012, iGATE Chief Executive Officer Phaneesh Murthy said, “I am happy that we achieved high earnings growth in 2012. I am also pleased with the increased acceptance of our iTOPS model among our customers and prospects with a large chunk of our customer pipeline and recent wins coming from our outcomes-based proposition.”

I believe that our recently launched brand campaign will continue to improve our customer pipeline in this area, he added.

One of the significant deal wins by iGATE was of the judiciary department of a US state has engaged it to improve the timeliness and quality of its judicial services.

“We successfully carried out the delisting process in India and further completed the consolidations of our US subsidiaries. I am happy with the operating cash flow generation of more than $100 million in 2012 and our cash/investment exceeding $600 million as of December 31 of the year,” Chief Financial Officer Sujit Sircar said.

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