IT services firm iGate has posted its highest quarterly net profit jump of 136 per cent at $30 million in the quarter that saw the unceremonius exit of its former CEO Phaneesh Murthy.
IGate’s net profit stood at $12.7 million in the April-June quarter of 2012. Revenues for the second quarter of 2013 increased six per cent to $283.3 million from $268 million in the same period last year. :We had an absolutely fantastic quarter. It was the best quarter in iGate’s history. We had revenues of $283 million, which is the highest revenue number in our history and have grown net income by 136 per cent. We closed orders worth over $600 million, which is again a record number,: iGate CEO Gerhard Watzinger told reporters.
Within these, there were three significant multi-year contracts each valued at $100 million or greater, he added. :We have reached out pretty much all of our over 300 customers. The general feedback was there were no customer who said the decision was not correct...We have not seen any impact (of Murthy’s exit).
On the contrary, large deals that we closed in the majority of the booking that we had were post his exit, including Metlife,: he said. On May 20, iGate announced that it had sacked Murthy. The Board’s decision was made as a result of an investigation by outside legal counsel.