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Virtusa 4Q revenue up 13% yoy to US$126 mn

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14 May 2015 06:45 am - 0     - {{hitsCtrl.values.hits}}

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Business consulting and IT outsourcing company, Virtusa Corporation reported consolidated financial results for the fourth quarter and full fiscal year 2015, ended March 31, 2015 recently.

Revenue for the fourth quarter of fiscal 2015 was US$126 million, an increase of 2.5 percent  sequentially and 13 percent year-over-year.

On a constant currency basis,(1) fourth quarter revenue increased 4 percent sequentially and 17 percent year-over-year.

Virtusa reported GAAP income from operations of US$14.5 million for the fourth quarter of fiscal 2015, compared to US$14.6 million for the third quarter of fiscal 2015, and an increase compared to US$12.5 million for the fourth quarter of fiscal 2014.

On a GAAP basis, net income for the fourth quarter of fiscal 2015 was US$11.6 million, or $0.39 per diluted share, compared to US$11.8 million, or US$0.40 per diluted share, for the third quarter of fiscal 2015, and an increase from US$10.0 million, or US$0.35 per diluted share, for the fourth quarter of fiscal 2014. GAAP earnings per diluted share for the fourth quarter of 2015 included a (US$0.01) cumulative impact from acquisition related transaction expenses and foreign currency transaction losses.

For the fiscal year ended March 31, 2015, revenue was US$479 million, an increase of 21 percent compared to US$396.9 million for the fiscal year ended March 31, 2014. This represents revenue growth of 21 percent in constant currency.

Virtusa reported GAAP income from operations of US$52.6 million for fiscal year 2015, an increase of 24 percent compared to $42.4 million for fiscal year 2014.

On a GAAP basis, net income for fiscal year 2015 was US$42.4 million, an increase of 23 percent compared to US$34.4 million for fiscal year 2014. Earnings per diluted share for fiscal year 2015 was US$1.44, an increase compared to US$1.27 per diluted share, for fiscal year 2014.

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