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iGate 1Q profit up 71 percent, beats analysts estimates

By Associated Press
April 18, 2008 | Comments (0)

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First-quarter profit for iGate Corp. vaulted 71 percent on higher-margin revenue and improved billing rates, the information technology provider and consultant said Friday.

Net income jumped to $7.4 million, or 13 cents per share, from $4.3 million, or 8 cents per share, in the year-earlier period.

Revenue increased to $79.8 million from $74.9 million.

Analysts polled by Thomson Financial expected, on average, earnings per share of 9 cents on revenue of $54.7 million.

"Our gross margins increased due to increase in higher margin revenues, improved bill rates and reduction in attrition rates," Ramachandran Natesan, chief financial, said in a statement.

"We have delivered strong margin growth this quarter and will continue to focus on earnings growth through improving revenue quality and operational efficiencies."

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