iGATE GLOBAL Solutions has announced that its net income for first quarter ended 31st March 2011 increased 54% to USD 17.9 million from USD 11.6 million in the first quarter 2010.
Its revenues for first quarter ended 31st March 2011 increased 31% to USD 75.8 million from USD 57.9 million in the first quarter 2010.
iGATE added four new customers during the quarter. The company ended the first quarter 2011 with an employee base of 8,244.
Gross margin was 40.9% for the first quarter 2011 compared to 40.1% in the corresponding quarter last year.
Net margin was 23.7% as against 20.1% in the corresponding quarter last year.
The company had a diluted EPS of USD 0.22 GAAP (increase of 10% from the corresponding quarter last year) and $0.23 non-GAAP. Adjusted EBITDA was $ 20.6 million for the first quarter 2011 compared with $14.4 million in the same period last year.)
The company said that the Patni acquisition is on track and transaction is expected to be completed shortly.
Commenting on the Q1 performance, Phaneesh Murthy, CEO, iGATE said,
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