iGATE Corporation has announced its financial results for the fourth quarter and year ended December 31, 2013.
Revenues in the fourth quarter were $299.3 million. They increased 10.2% compared with $271.6 million in the fourth quarter of 2012. Net Income attributable to iGATE Corporation was $33.1 million compared with $31.9 million in the third quarter of 2013
As far as the full Year highlights for the year ended December 31, 2013 are concerned, revenues for the year were $1,150.9 million compared with $1,073.9 million for the year ended December 31, 2012. The Net Income attributable to iGATE Corporation was $129.8 million which was $95.8 million for the year ended December 31, 2012. Gross margin was 39.3% compared with 39.5% for the year ended December 31, 2012. Diluted earnings per share were $1.21 GAAP and $ 1.88 non-GAAP as against $0.85 GAAP and $1.56 non-GAAP for the year ended December 31, 2012.
Ashok Vemuri, President and Chief Executive Officer, iGATE said, “I am happy with the Company’s performance in 2013 and particularly pleased with the nature of large deals signed during the year. We have successfully finished regrouping the organization into vertical-based business units that bring in more industry knowledge and solutions, move us closer to the customer, and increase the depth and accountability to the business. I am confident that we are poised for a faster pace of growth in 2014.”
The company added nine new customers during the fourth quarter, including five Fortune 1000 companies. As of December 31, 2013, the Company had 29,733 employees with a net addition of 1,450.
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