IGate net up 54% to $17.9 Million
iGATE acquired Patni, for $1.2-billion in January. iGATE saw net margin increase to 23.7% against 20.1% in the corresponding quarter last year.
By OUR BUREAU | Updated:
BANGALORE: Software services provider iGATE reported a 54% jump in net profit to $17.9 million for the first quarter ended March 31 on a year-on-year basis while revenues climbed 31% to $75.8 million . Sequentially, the company saw revenue come down by 7% while net profit was up 21%.
The company said it was impacted by delays in finalising client budgets.
iGATE, which acquired Patni Computer Systems in one of the largest deals in the Indian IT space earlier this year, said its focus on the acquisition also resulted in a sequentially weak quarter.
iGATE acquired Patni, a company more than twice its size, for $1.2-billion in January. iGATE saw net margin increase to 23.7% against 20.1% in the corresponding quarter last year. The company had a diluted EPS of $ 0.22 GAAP (increase of 10% from the corresponding quarter last year) and $0.23 non-GAAP .
“The process of acquiring Patni Computer Systems is on track and we expect the transaction to be completed shortly. We have raised $770 million through a bond issue to fund the acquisition . From calendar Q2, we will be reporting consolidated financials for iGATE,” chief financial officer Sujit Sircar said.
The company said it was impacted by delays in finalising client budgets.
iGATE, which acquired Patni Computer Systems in one of the largest deals in the Indian IT space earlier this year, said its focus on the acquisition also resulted in a sequentially weak quarter.
iGATE acquired Patni, a company more than twice its size, for $1.2-billion in January. iGATE saw net margin increase to 23.7% against 20.1% in the corresponding quarter last year. The company had a diluted EPS of $ 0.22 GAAP (increase of 10% from the corresponding quarter last year) and $0.23 non-GAAP .
“The process of acquiring Patni Computer Systems is on track and we expect the transaction to be completed shortly. We have raised $770 million through a bond issue to fund the acquisition . From calendar Q2, we will be reporting consolidated financials for iGATE,” chief financial officer Sujit Sircar said.
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