iGATE signs three large Multi-Year Deals in Q2, 2013

iGATE Corporation has declared highlights of its financial results for the second quarter ending June 30, 2013. The revenues increased by 6% YoY and 3% sequentially with $283.3 million in Q2, 2013 compared to $274.9 million in Q1, 2013. The gross margin was 37.9% as against 37.4% in the corresponding quarter of 2012. GAAP diluted EPS share increased by 300% which was $0.28 per share in Q2, 2013 compared to $0.07 per share in Q2, 2012

Gerhard Watzinger, CEO, iGATE, said, "I am pleased with our performance in the second quarter with revenue growing 3% sequentially. We booked orders worth over $600 million including three significant multi-year contracts each valued at $100 million or greater. We are seeing more positive signs related to offshore IT services spending and stability in the overall business environment, with clients spending to their budgets."

Sujit Sircar, CFO, iGATE, said, "I am happy with the margin growth seen in the quarter as we absorbed our annual wage hikes which were offset largely by operational efficiencies and to an extent the depreciation of the Indian Rupee. Our profits increased and the cash flow position looks good. The diluted earnings per share increased by 57% on a non GAAP basis."Additionally, the company has ended with over 28,300 employees during the second quarter of 2013. iGATE has added 11 new customers during this quarter, including two Fortune 1000 companies.