Ashok Vemuri, who created ripples after he left Infosys where he managed a portfolio worth USD 2 billion as the head of America, Manufacturing and engineering; is set to direct iGate towards greener pastures.
Reporting iGate's quarterly earnings for the first time since taking over as CEO, Ashok Vemuri managed to surprise the street. iGate posted a better-than-expected set of numbers for its third quarter of calendar year 2013 with a 3.6% sequential jump in revenues to USD 293.4 million and 6.3% jump in net income to USD 31.9 million. If Vemuri’s words are anything to go by, the road only gets better.
In a media concall post the third earnings, Vemuri said he believed iGate was at an infliction point in of growth. “I believe that iGate is well positioned to capitalize opportunity in the market. I am excited to have joined iGate as president and CEO and believe that iGate has a smart and capable team to drive the company forward;” he said.
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Vemuri also said the company has signed some large deals recently and is confident the business environment is improving. He also said the European revenue shares have increased due to ramp ups in the last quarter and that iGate was working towards developing near shore data centers in order to be closer to the clients.
After a rather controversial exit of Phaneesh Murthy, who was asked to leave the company due to alleged charges of sexual harassment, Vemuri’s confidence brings the much needed relief to iGate shareholders.
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