Virtusa increases fourth quarter revenue

Virtusa Corporation has reported consolidated financial results for the fourth quarter and fiscal year ended March 31, 2011.

Revenue for the fourth quarter of fiscal 2011 was $58.3 million, an increase of 5 percent sequentially and 22 percent year-over-year.

On a constant currency basis (1), fourth quarter revenue increased 4 percent sequentially and 21 percent year-over-year.

For the fiscal year ended March 31, 2011, revenue increased 33 percent, to a record $218 million, compared to the fiscal year ended March 31, 2010. On a constant currency basis (1), fiscal year 2011 revenue increased 33 percent year-over-year.

Virtusa reported income from operations of $17.8 million for fiscal year 2011, an increase compared to $12.9 million for fiscal year 2010. Net income for fiscal year 2011 was $16.2 million, or $0.66 per diluted share, an increase compared to $12.1 million, or $0.50 per diluted share, for fiscal 2010.

The company generated cash from operations of $19.8 million for fiscal year 2011.

Virtusa's Chairman and CEO Kris Canekeratne said they are pleased with the performance in the fourth quarter and fiscal year 2011.

Our differentiated value proposition, combined with the investments we have been making in strengthening our business consulting, industry specialization and solutions offerings, is resonating particularly well within the marketplace. As we enter fiscal 2012, we have the strongest client base in our history, and we will remain focused on reducing our clients' total cost of ownership, accelerating their time-to-market and improving their customer experience." he said.