Virtusa records US$ 42.5m revenue in 3Q
Ruwanthi Abeyakoon
Virtusa's revenue increased 26 per cent year over year and 5.5 per
cent sequentially, to US$ 42.5 million for third quarter of fiscal 2008,
General Manager, Virtusa, Madu Ratnayake said.
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GM, Virtusa, Madu Ratnayake. Picture by Saliya Rupasinghe |
Virtusa also reported third quarter income from operations of US$ 5.9
million. This represents an increase of 44 per cent compared to US$ 4.1
million for the third quarter of fiscal 2007.
Net income for the third quarter of fiscal 2008 was $5.3 million, or
$0.21 per diluted share, compared to $8.7 million, or $0.47 per diluted
share, for the third quarter of fiscal 2007. The year-over-year decrease
in net income of $3.4 million is primarily due to a one-time income tax
benefit of $5 million in the prior year quarter caused by the reversal
of the company's deferred tax valuation allowance.
Earnings per share for the third quarter of fiscal 2008 reflects the
lack of the one-time income tax benefit and a 34% year-over-year
increase in diluted shares outstanding primarily due to the successful
completion of the Company's Initial Public Offering.
Ratnayake added Virtusa will open avenues for Sri Lankan youth to be
a part of the global IT phenomenon.
"Solid IT education will create more opportunities bridging the gap
between young talented people who are unemployed. There are lots of
options across the globe and the demands of the clients are world
class," he said.
"We will reach the immediate education system. We provide advisory
services and training for university professors. There is a lack of
qualified lecturers. We are planning to extend the training to schools,"
he added.
Ratnayake added that currently Sri Lanka produces less than 5000 IT
graduates. "More awareness should be created. There will be more demand
for IT professionals. There is a huge market and the companies will
follow the talent base," he said.
"Through EDEX we reached out to many people. Lot of new avenues were
opened in IT and BPO related jobs. We tapped a lot of schoolchildren,"
he added. He stressed that Sri Lanka has a unique opportunity to
leverage the investment in IT education.
"The private-public partnership should be strengthened. IT education
is an investment and it should be made accessible. We have already tied
up with banks to create a loan scheme to facilitate IT education,"
Ratnayake said. |
