Virtusa Reports Quarterly, Yearly Gains
Virtusa Corp., a Westborough-based global IT services company, reported quarterly and yearly revenue gains of 6 percent and 15 percent respectively, today.
Revenue for the company's second fiscal 2013 quarter, ended Sept. 30, was $80.5 million, up from $70.3 million in March, according to an earnings report. Year over year, revenue grew from $131.3 million in 2011 to $156.7 million in 2012.
Net income decreased to $5.8 million in the second quarter from $6.1 million in the first, but it increased year-over-year by $1.1 million, according to the report. Accounting for lower net income in the second quarter of 2013 were foreign currency transaction losses of about $500,000.
Chairman and CEO Kris Canekeratne called Virtusa's second quarter "very solid," saying the company has expanded client relationships and added more recurring revenue sources.
"Our targeted solutions and services are increasing the value we provide to our clients and helping us navigate the macroeconomic challenges more effectively," Canekeratne said.
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