Business
Virtusa Revenues, Profits Rise (HITS)
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Business consulting and IT outsourcing company Virtusa enjoyed fiscal third-quarter revenue of $217.2 million, up 44.2% year over year, for the three months ended Dec. 31, with the company also reporting a quarterly profit of $4.4 million, up from $4.2 million the previous year.
“We are pleased with our third quarter results. We see continuing client demand across our industry groups and geographies for our digital transformation and innovation and operational excellence solutions,” said Kris Canekeratne, Virtusa’s chairman and CEO. “Our differentiated solution strategy and deep domain expertise are enabling us to win in the market, and position us well for sustained growth.”
It was around this time last year that Virtusa, via its India subsidiary, acquired a majority stake in Polaris Consulting & Services, and in April 2016, Virtusa purchased an additional 26% of Polaris. In December, to comply with India rules regarding takeovers, Virtusa sold 3.71% of its shares of Polaris common stock via a public offering, with its ownership interest decreaing from 78.6% to 74.9%.
For its fiscal fourth quarter, Virtusa expects revenue of between $224 million and $229 million.
“During the third quarter, we delivered solid revenue growth across all industry groups and geographies. We expect this trend will continue into the fourth quarter, leading to our fourth quarter sequential revenue growth guidance of 4% at the midpoint,” said company CFO Ranjan Kalia.
