Revenues for the third quarter stood at $74.8 million, a 52.6% jump compared to same period, last year.
Nonetheless, gross margin dipped 39.4%, compared to 41.1% during the same period prior year. However, operating margin scaled up 20.3% in the September quarter, expanding 170 basis points in the corresponding quarter last year.
Reviewing third quarter results, the company's CEO Phaneesh Murthy said, "Our strong revenue, margin growth and recent client wins are a positive affirmation that our business model and messaging is resonating well with our customers."Net income rose to $14.3 million, compared to $8.9 million during the same period last year. Higher net profits have strengthened the balance sheet, and Sujit Sircar, iGate's COO, says, "We continue to generate strong operating cash flow and our balance sheet is further strengthened with cash and cash equivalents and short-term investments of over $120 million." The stock is trading at 18 to 19 times its 2011 earnings.