iGate Q4 net income up 7.5% at $33.1 million

Outsourcing firm iGate on Thursday reported 7.5 per cent increase in net income at $33.1 million for the quarter ended December 31, 2013, helped by large deals in the North American market. The NASDAQ-listed firm had posted a net income of $30.8 million in the year-ago period, it said in a statement. 

Net revenues rose 10.2 per cent at $299.3 million in October-December, 2013, against $271.6 million in the same quarter of 2012.

iGate follows January-December as fiscal year. The figures are on GAAP basis.For the full year ending December 2013, iGate reported 35.5 per cent rise in net income at $129.8 million against $95.8 million in 2012.

Net revenues rose by 7.5 per cent to $1.15 billion compared to $1.07 billion during the same period.

As of December 31, 2013, iGate had 29,733 employees with a net addition of 1,450.The company added nine new customers during the fourth quarter, including five Fortune 1000 companies. 

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