Bangalore: Technology solutions firm iGate Solutions today (Apr 22, 2004) reported a net loss of Rs 6.77 crore for the year ended March 31, 2004 against a profit of Rs 28.35 crore for the previous year.

The Bangalore-headquartered company said in a statement that its revenues from operations was Rs 570.1 crore, a 35.5 per cent jump from Rs 420.90 crore for the previous year.

It attributed the net loss to sub critical operations of the Business Process Outsourcing (BPO) and Contact Centre businesses acquired during the year and various restructuring and integration charges.

For the fourth quarter, iGate, a subsidiary of US-headquartered iGate Corporation, reported a 35.5 per cent rise in its revenues over the previous year.

The company added 39 new clients during the year and eight during the fourth quarter.

"We are focussed on increasing the quality of our revenue with an emphasis on longer-term relationships with marquee clients, and ramping up the IT, BPO/BSP and contact centre operations," iGate CEO Phaneesh Murthy said.

The company said 15 per cent of its employees were covered under the stock options and in the next quarter, it was expected to reach 25 per cent.

The Board of Directors also gave their final approval for acquisition of the ownership interest of its founders in Quintant Services Ltd, which would be partly by way of a share swap of iGate equity shares and partly for cash consideration instead of an all-stock deal envisaged earlier.