Thursday, April 14 2005 14:40 Hrs (IST) - World Time -

Bangalore: IT services firm iGATE Global Solutions Limited has posted net profits of Rs 21.2 crores for the year 2004-05, a jump of over Rs 8 lakhs reported in the previous fiscal.

Revenues in 2004-05 rose marginally at Rs 580 crore over Rs 570 crore in 2003-04, an iGATE statement said in Bangalore.

"The past year was one of consolidation for us and we had mixed outcomes", iGATE Global Solutions CEO Phaneesh Murthy said.

He said that though business volumes grew during the last fiscal, revenues were flat due to the shift in the operations offshore.

"Our challenge this year (2005) will be to add the kind of customers that can help us scale our business in the new integrated technology and operations model" he said.

For the fourth quarter, the company reported net profit at Rs 2.2 crore, up from a loss of Rs 5.6 crore in the corresponding quarter of the previous fiscal. Revenues for Q4 stood at Rs 145.6 crore, up 5.4 per cent over the previous year (2004).

iGATE added 44 new clients, while hiring 811 people to take the total strength of its employees to 3952.

The Board of Directors recommended a dividend of Rs 0.60 per share 15 per cent of par value of Rs 4 per share amounting to Rs 1.76 crore, it said.