Virtusa announces consolidated financial results in Q2

Revenue for the second quarter of 2012 tops $70.3 million:

Virtusa Corporation has reported consolidated financial results for the second quarter fiscal year 2012, ended September 30, 2011.

Revenue for the second quarter of fiscal 2012 was $70.3 million, an increase of 15% sequentially and 33% year-over-year. On a constant currency basis second quarter revenue increased 16% sequentially and 33% year-over-year.

Virtusa reported income from operations of $5.5 million for the second quarter of fiscal 2012, compared to $4.8 million for the first quarter of fiscal 2012, and compared to $4.0 million for the second quarter of fiscal 2011.

Net income for the second quarter of fiscal 2012 was $4.7 million, or $0.18 per diluted share, compared to $4.0 million, or $0.16 per diluted share, for the first quarter of fiscal 2012, and compared to $3.7 million, or $0.15 per diluted share, for the second quarter of fiscal 2011.

Net income for the second quarter of fiscal 2012 included $0.1 million of foreign currency transaction losses.

Virtusa's Chairman and CEO Kris Canekeratne, said, "Our second quarter performance demonstrated that the investments we have made to expand our presence in newer verticals such as health care and across our existing client base are showing results. In addition, our core BFSI business continues to drive growth for Virtusa, while revenue in our capital markets business was below expectations. We continue to believe that our expanded banking, financial services and capital markets offerings increase our strategic value and remain central to our long-term growth," he said.