iGATE Corp posted an increase of 10.1 per cent in earnings for the second quarter ended June 30, 2014. Sequentially, the company reported a jump of 3.2 per cent in earnings to $311.7 million.
Ashok Vemuri, President and CEO, said that the company had a “strong quarter”..
He said: “Our expectations for the second-half of the year continue to be positive, with revenue growth higher than the first two quarter. The success of our industry utility platform and our positioning in large deals, including the recently announced one, gives us the confidence that our revenue and margin growth are tracking well.”
During this period, iGATE announced that it had won “the largest deal ever in the history of the company”, revenue from which will start flowing in coming quarters. He said that the company has a healthy deal pipeline. it added nine new clients during the quarter. The company, which follows the calendar year, is stable on the attrition front at 15 per cent. Mr. Vemuri said that it was continuing on its focus on expanding business in Germany, Switzerland and the Nordic countries, after having opened a new delivery centre in Budapest.
The company also reported that it booked a one-time refinancing charge of $51.8 million in the quarter, leaving a total debt of $475 million on its books.