iGate's Profit Down 90%

iGate Global Solutions services, a Bangalore-based IT company has said that

its net profit for the third quarter plunged 90% y-o-y to Rs 1.3 crore due to a

write off of investment in a consulting firm. “We have written off 80% of our

investment of over Rs 123 crore in a small boutique consulting firm Concours.

The objective of the investment was not financial gains but to get access to

their client base,” iGate chairman Phaneesh Murthy was quoted as saying. The

value of the write off is Rs 11 crore. Concours is said to be making losses.

iGate's net sales for the quarter rose 10.7% over the previous quarter to Rs

146.9 crore and the company earned Rs 3.16 per share versus Rs 2.15.