The revenues for Q1FY14 stood at $302.2 million compared with $274.9 million a year ago, an annual growth of 10%.
iGate CEO Ashok Vemuri said, We had an encouraging start to the year with a 10% y-o-y growth in revenues. With our healthy pipeline, along with the timely rollout of investments in people and solutions, we believe we are well positioned for sustainable growth.
On a sequential basis, the net profit declined by 4.6% while revenue grew by just 1%. The gross margin was lower at 37.5% during the Q1 compared with 38.1% a year ago. Nine new clients were added during Q1FY14, taking the total to 295, lower than 312 a year ago. Total headcount stood at 30,835, with a net addition of 1,102 lower than 1,450 at the sequential quarter ended December 2013.