JOIN USiGATE on Wednesday reported net profit of $30 million in Q2, 2013, an increase of 136 per cent compared to $12.7 million it had reported in the same quarter last year.
The company said in a statement that its revenues stood at $283.3 million in Q2, 2013 compared to $268.0 million in Q2, 2012, showing an increase of 6 per cent.
iGATE Chief Executive Officer Gerhard Watzinger said, “I am pleased with our performance in the second quarter with revenue growing 3 per cent sequentially. We booked orders worth over $600 million including three significant multi-year contracts each valued at $100 million or greater.”
Among the contracts won by iGATE was a multi-year contract with a leading telecom provider in Europe worth approximately $100 million to transform the company’s IT infrastructure and rationalise its vendor landscape in the region.
iGATE CFO Sujit Sircar said on the currency fluctuation, “The tailwinds provided by the rupee fluctuation against the US dollar appear to be short-lived with the operating costs going up in the medium to long term.”