iGate Q4 net soars five-fold to Rs22.65 cr

iGate Global Solutions consolidated Q4FY07 net profit zoomed 381% to Rs 22.65 crore when compared with Rs 4.71 crore in the corresponding quarter a year ago.

According to a release issued by iGate to the BSE today, the Q4 total income grew 26.4% to Rs 211.26 crore from Rs 167.09 crore in Q4FY06.

For the full-year ended March 31, 2007, the consolidated net profit soared 800% to Rs 49.79 crore as against Rs 5.53 crore in FY06. The total income was up 26.8% at Rs 805.69 crore from Rs 635.31 crore.

The board of directors of the company have proposed a dividend of Rs 2.40 per equity share, the release added.

"FY07 witnessed ramp ups in some of our strategic accounts helping us grow revenue and deliver a robust year-on-year growth in net profit. We are also glad that we were able to reach our FY07 Q4 EBITDA margin goal of 15%," said Phaneesh Murthy, CEO, of the company.

"We continue to invest in our employees, with the board approving a new Restricted Stock programme to cover a wider employee base. In addition, this month, we will be increasing offshore and onsite salaries approximately by 15% and 2% respectively," he added.