New Delhi : Hit by one-time charge of USD 51.8 million on debt settlement, outsourcing firm IGATE today saw its net profit for the June quarter declining 89.6 per cent to USD 3.1 million.
The US-based firm had posted a net profit of USD 30 million in the second quarter of 2013. It follows January-December as fiscal year. “For the loan of USD 770 million (at an interest rate of 9 per cent), we were paying USD 23-25 million per quarter in interest costs. Now, we have refinanced it and have taken a loan of USD 685 million at an interest of 4 per cent and will be paying USD 7-8 million per quarter in interest costs,” IGATE President and CEO Ashok Vemuri told PTI.
