‘Record’ 2014 revenue for Virtusa
View(s):US-headquartered IT company Virtusa recently released its consolidated results for full year fiscal 2014, reporting a “record” revenue of US$ 396.9 million, for the 12 months to end-March 2014, up 19 per cent year-on-year over last year’s $333.2 million. The company also estimated 2015 fiscal year revenue in the range of $468 million to $486 million.
At the same time, the company, which operates development centres in Sri Lanka and India amongst other locales, also revealed its fourth quarter fiscal 2014 revenue to be $111.1 million, for the three months to end-March 2014, which was also noted to be an increase of 10 per cent sequentially and 24 per cent year-over-year. Extrapolating from this, first quarter 2015 revenue could be in the range of $111 million to $113 million as indicated by the IT company.
Virtusa also reported income from operations of $42.4 million for fiscal year 2014, an increase of 29 per cent compared to $32.9 million for fiscal year 2013, while income from operations for the fourth quarter of fiscal 2014 were $12.5 million. This was compared to $11.2 million for the third quarter of fiscal 2014 (sequentially), and $9.4 million for the fourth quarter of fiscal 2013 (year-on-year).
“During the quarter, our revenue grew faster than the industry, as we had meaningful increases across our top 10 and non-top 10 client portfolios. We are also pleased with the progress we are making to extend our presence internationally. There has been a mix shift towards international revenue, and we believe this diversification will continue to be a growth driver. Consistent with prior fiscal years, we expect operating margin expansion in fiscal year 2015 as we drive significant top line growth,” commented Ranjan Kalia, the company’s Chief Financial Officer.
(JH)