iGate Global Solutions has reported a 14-time increase in consolidated net profit at Rs 14.31 crore for the first quarter ended June 30, 2007 as against Rs 1.05 crore in the same period last fiscal. Revenue has moved up nearly 10% to Rs 199 crore. However, on a sequential quarter basis, net profit has dropped by almost 37%, while the topline has slipped by close to 6%. Operating profit has taken a hit of around 18%. Despite the stronger rupee, the company has doubled its operating profit to Rs 26 crore in the June quarter. The company attributed the huge increase in bottomline to better realised rates, higher utilisation and increased offshore leverage. Phaneesh Murthy, CEO, iGate Global said the offshore volume contribution has gone up to 77% from 73%, while the offshore utilisation was higher at 71% as against 67%.The company added three new clients during the quarter, and said it has increased billing rates for both offshore and onsite assignments.
