Expects Q4 revenues to range between $57.3m and $59.3m
Virtusa has reported revenues of $55.6m for the third quarter of fiscal year 2011, an increase of 33.3% compared to $41.7m for the same period last year.
For the first quarter ended December 31 2010, the company posted an operating income of $5m, while total operating expenses for the quarter increased to $16.5m compared to $1.5m for the same quarter previous year.
The company’s net income for the quarter was $4.21m, an increase of 43.7%, compared to net income of $2.93m for the same period last year.
Net earnings per dilute share increased to $0.17 from $0.12 per dilute share for the corresponding period last year.
Virtusa chairman and CEO Kris Canekeratne said the company is enthusiastic about the increasing investment in areas such as cloud, social and mobile computing.
"This is necessitating programs to rationalise IT applications, accelerate time to market and improve the consumer experience and our expertise positions us well to partner with our clients and lead them through this transformation," Canekeratne said.
The company expects revenues to range between $57.3m and $59.3m and diluted earnings per share to be in the range of $0.19 to $0.23 for the fourth quarter of 2011.