Virtusa Corporation F1Q11 (Qtr End 06/30/10) Earnings Call Transcript
Here are some of the highlights from the first quarter fiscal year 2011. For the June quarter, total revenue was $51.4 million, an increase of 38% year-over-year and 8% sequentially. Our operating income was $3.1 million or 6% and earnings per diluted share was $0.13. Our Q1 growth was broad-based and spent many of our services, geographies and industries. Financial services revenue was particularly strong growing 58% year-over-year driven by the ongoing need of our clients to find operating efficiencies and increases in discretionary spending.
Let me take a moment to provide you with additional detail on what is driving this trend of other business and why we believe that our growth drivers are sustainable. First, the demand environment is improving, clients continue to look to Virtusa to drive operational efficiencies and rationalize their IT spend. We are uniquely able to do this through our platforming approach and optimized global delivery model.
What has changed, however, is that the savings we generate for our clients are now being reinvested in growth initiatives. This is enabling Virtusa to participate in this entire life-cycle from reducing application maintenance costs to investment in support of business outcomes that accelerate time-to-market and improve the consumer experience.
Our value proposition matched with a better business environment, is also translating to strong client wins. During the quarter, we added five new clients. All five clients are high quality and have the potential to become strategic. Second, our engagement teams are focused on improving our clients’ end-user experience. This provides us with insights into customer facing processes and critical business drivers enabling us to innovate reduced cycle time, improve application efficiency and create competitive advantage for our clients. This focus on our clients’ consumer experience continues to differentiate us within the marketplace.Read the rest of this transcript for free on seekingalpha.com
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