IGATE net profit rises 14.8% to $38 mn

US-based outsourcing solutions firm IGATE on Tuesday reported a 14.8 per cent growth in net profit at $38 million for the fourth quarter ended December 31, 2014, helped by deals in industry utility-solutions. The company had posted a net profit of $33.1 million in the year-ago period, it said in a statement. Revenues rose by 10.7 per cent to $331.5 million in the October-December quarter of 2014 fiscal from $299.3 million in the same quarter in 2013. The figures are on GAAP basis.

Greyhound research CEO Sanchit Vir Gogia said: “We believe that the sequential revenue growth of 2.7 per cent is as per industry standards. IGATE’s main strengths are in Healthcare, FSI and Manufacturing sector.”

 “Also, with NHS in the UK going the privatisation way soon, we believe that huge investments are expected to happen then and this surely puts iGate in a very well placed and profitable spot,” he added. Although IGATE is now aggressively focusing on Mobility and Digital, a lot of work still remains to be done to gain better from their ITOPS solutions, he said.

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