iGate grows as CEO search continues

California-headquartered but India-centric IT services firm iGate got through its recent quarter (to 30th June) with seemingly no adverse impact on growth resulting from the unceremonious exit of CEO Phaneesh Murthy in May (see here). Headline revenues grew by 6% yoy to $283m, 3% higher than in Q1, and gross margins gained 50bps yoy to 37.9% though a tad lower than in Q1. Operating margins lost 40bos yoy to 17.5%, the lowest for six quarters. A new CEO is expected within a couple of months.