IT outsourcing company iGATE on Thursday said its third quarter revenues increased 8.2 percent year-over-year and 3.6 percent sequentially to $293.4 million.
iGATE’s net increased 12.7 percent year-over-year and 6.3 percent sequentially to $31.9 million.
Gross margin was 41.4 percent, an increase compared to 39.8 percent in the corresponding quarter of 2012.
The IT outsourcing company ended the third quarter of 2013 with over 28,200 employees.
“Our iTOPS model is a clear differentiator in the IT services marketplace. Clients are increasingly looking for partners to deliver solutions that can integrate emerging technologies with business process expertise to drive innovation and value. This is what our iTOPS model does and its increasing acceptance positions the company well among its competitors,” said Ashok Vemuri, president and CEO, iGATE.
|Nine months ended FY’12|
|Q3 FY’13||Q3 FY’12||Nine Months
|Net revenue ($Millions)||293.4||271.1||8.2%||851.6||802.3||6.1%|
|GAAP net income ($Millions)||31.9||28.3||12.7%||96.6||65.0||48.6%|
|GAAP diluted EPS ($)||0.30||0.27||11.1%||0.91||0.56||62.5%|
|Adjusted EBITDA ($Millions)||78.4||68.6||14.3%||210.1||200.2||4.9%|
|Non-GAAP net income ($Millions)||36.3||35.6||2.0%||110.7||86.0||28.7%|
|Non-GAAP diluted EPS ($)||0.46||0.46||0.0%||1.39||1.12||24.1%|
iGATE new customer wins
iGATE signed a multi-year deal with a U.S.-based Banking and Financial Services company to set up and establish a Testing Centre of Excellence (TCoE) and provide quality assurance (QA) testing services for the IT applications portfolio in areas pertaining to Retail Banking, Commercial Banking, Private Client Services and Shared Services of the Bank·
A large European financial and insurance services institution has selected iGATE as a strategic application development and maintenance (ADM) supplier for its life and non-life insurance business units. As part of the multi-year multi-million dollar contract, iGATE will monitor the customer’s business support system, which includes Business Intelligence systems, Integration, Compliance, Document Support, Finance and Payment systems.
A U.S.-based Fortune 8 Conglomerate in Energy Management signed a multi-million SAP Transformation deal with iGATE. As part of the engagement, iGATE will provide SAP ERP Implementation and multi-country roll outs in North America, Brazil, Germany with other countries to follow.
iGATE secured a multi-year deal with a U.S. Insurance carrier in the business of property and casualty insurance related products and services. As part of the engagement, iGATE will provide quality assurance services to the client as a strategic IT partner on an outcomes-based model. With this win, iGATE will support the company’s Commercial business covering Commercial, Specialty and Surety units apart from servicing Personal Insurance, Claims and Corporate Systems units of the client.
One of North America’s leading diversified financial services companies selected iGATE to increase operational efficiency through productivity gains and innovations in its Payments and Corporate Banking areas. As part of this multi-year, multi-million dollar contract, iGATE will provide 24 X 7 Production Support; environment, operations and business support along with undertaking work on new application development.
A large U.S.-based medical device company selected iGATE as a strategic partner providing IT Service Desk & Desk-side support. The client chose iGATE for its agility, proactive investment in solution accelerators and overall service maturity.