iGate Posts 10% Growth in Income, Net Declines 9% - The New Indian Express

iGate Posts 10% Growth in Income, Net Declines 9%

Published: 11th April 2014 08:41 AM

Last Updated: 11th April 2014 10:00 AM

Information Technology company iGate Corporation has registered a 10 per cent growth in revenue at $302.2 million in the first quarter of 2014 (January-March) when compared to $274.9 million for the same period last year..

However, net income for the period undeer review stood at $31.6 million, a decline from $34.8 million .

“We successfully secured financing to redeem our $770 million 9 per cent Senior Notes through a combination $325 million of new 4.75 per cent Senior Notes due in 2019 and bank financing.  This refinancing is expected to yield significant cost savings over the coming quarters. However, the rupee fluctuation due to forex headwinds will be a concern, as we continue to grow our profits,” Sujit Sircar, Chief Financial Officer, iGATE said.

“We had an encouraging start to the year with a 10 per cent y-o-y growth in revenues. Overall market conditions appear to be favourable across the board. With our healthy pipeline, along with the timely rollout of investments in people and solutions, we believe we are well positioned for sustainable growth,” Ashok Vemuri, President and Chief Executive Officer of the company said.

Vemuri said that they continue to see traction in the US and Europe. However, he raised concerns that decision cycles continued to take longer.

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