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iGate revenue up 8%

October 10 2013

iGate Corp. (NASD: IGTE) reported revenue rose 8.2 percent to $293.4 million in its third quarter ended Sept. 30,  from $271.1 million in the third quarter of last year.  Gross margin at the Fremont, Calif.-based information technology services firm increased to 41.4 percent from 39.8 percent in third quarter 2012.

Net income for the quarter rose 12.7 percent to $31.9 million.

“Overall it has been a very good quarter for iGate,” said CFO Sujit Sircar. “Our operational efficiencies coupled with a positive gain out of the Indian Rupee depreciating against the U.S. Dollar resulted in an expansion of our margins and earnings.”

iGate last month named Ashok Vemuri as president and CEO.

iGate Corp. (Nasdaq: IGTE)
For the third quarter ended Sept. 30, 2013, compared with the same period in the previous year.
Revenue: $293.4 million, +8.2 percent
Net income: $31.9 million, +12.7 percent

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