Net profit of IT services provider iGATE Corporation grew 34.6 per cent in the first quarter of calendar year to $24.1 million.
The company, operating under the brand name iGATE Patni, posted revenues of $263.3 million, a 247.4 per cent jump from $75.8 million last year.
“The rationalisation of our customers that we undertook yielded us higher profits but dipped revenues and the delays in project kick-offs resulted in lesser revenue growth. We expect our revenue growth to be back on track over the next couple of quarters,” Mr Phaneesh Murthy, CEO, iGATE Patni said in a press statement.
7 new customers
iGATE Patni added seven new customers during the quarter, and ended the first quarter 2012 with 27,100 employees, according to a press statement.