Bangalore: IT services firm iGate Global Solutions today (July 14, 2004) reported a huge 98 per cent dip in net profit at Rs 11 lakhs during the first quarter ending June, compared to Rs 7.71 crore posted during the same period last year.

Revenues at Rs 141.56 crore during the quarter marginally dipped from Rs 143.63 crore posted in the first quarter between April to June 2003, iGate Global CEO Phaneesh Murthy told reporters in Bangalore.

The company added six new clients while HP's imaging and printing group (IPG) selected iGate Global as preferred global vendor for US, Asia Pacific and Europe.

"Over the last three quarters we have focused on building out our operational efficiencies and execution excellence. Progress is steady - with the onsite-offshore ratios improving quarter-on-quarter, upward trend in operating profits and our information systems (IS) in place. The time is right for us to focus on our sales engine," he said.

Murthy said the firm would focus on building sales infrastructure to benefit its business model.

"The benefits of our focus on operational efficiency are in line with what we had expected, and we have now transitioned all our shared services to India," iGate CFO N Ramachandran said.