For the third quarter, net revenue increased to $81 million, compared to $52 million in the year-ago quarter. Gross margin stood at 42.7%, while operating margin was 19%.
For full year 2010, net revenue increased 45% year-over-year. Net income was $52 million, up from $29 million in the previous year. Full-year gross margin and operating margin were stable at 40% and 19%, respectively.Reviewing the financials, Sujit Sircar, iGate's CFO commented, "In spite of absorbing over $3.2 million of post tax acquisition related expenses, we had a very strong earnings and cash flow quarter. Our continued endeavor to improve profitability and operations of the company is reflected in our results for 2010, and we ended the year with a high note in all our financial parameters." The stock is trading at 15 times its estimated 2011 earnings.