Given the challenges that India-centric but California-headquartered IT services firm iGate has faced since acquiring and then delisting Patni (see Bye bye, Patni), let alone the turmoil in global markets, management should be quite satisfied with the recent quarter’s results.
Q2 revenues (to 30th June) grew by 2% qoq to $268m and operating margins eased just 40bps to a still respectable 17.9%. So, iGate grew faster than Infosys qoq (see Infosys gives up quarterly guidance in wake of horror Q1) but not quite as fast as TCS (see TCS shows Infosys a clean pair of heels). Not a bad result given that iGate is a mere fraction of the size of both!
We’ll be hearing from 4th ranked player Wipro in a couple of weeks and from 3rd ranked Cognizant (almost certain to become second ranked over Infosys on the quarter) in early August.