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Virtusa Corporation Q4 2010 Earnings Call Transcript

Ranjan will provide more details on our financials and provide you with our current fiscal year ‘11 guidance before we open up the call for Q&A.

While the economic environment was challenging during 2010, our business performed growth and we were pleased with our ability to show meaningful sequential growth in the second half of the fiscal year. This was a direct result of the investments we made in broadening and deepening our industry expertise, growing our business consulting practice, a better spend environment and the acquisition of InSource and ConVista Consulting.

We are particularly pleased with the strong foundation we have built for our business through the increased quality and significant expansion of our plant base. All this combined with our expertise in IT rationalization through our platforming approach positions us well for sustainable, long-term growth in fiscal year ‘11 and beyond.

Here are some of the highlights from the fourth quarter and fiscal year 2010. For the March quarter total revenue was $47.8 million, an increase of 15% year-over-year and 15% sequentially. Our operating income was $3.2 million or 6.7% and earnings per diluted share was $0.15. Fiscal year revenue was $164.4 million a decrease of 5% from the prior year. Operating profit was $12.9 million and EBITDA for the fiscal year was $0.50.

During the fourth quarter, we added 11 new clients, including six from ConVista. For the full year, the number of active clients increased from 56 to 68. We are pleased with the quality of the clients we added during the year and many have the potential to be strategic. Our overall client base is stronger than at any point in our history and provides us with a solid foundation for sustainable long-term growth. Unlike a year ago, the demand environment is improving, budgets are set and clients have increasing confidence in their ability to spend.

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