Virtusa posts $ 112.3 m in 1Q, 2015

Virtusa Corporation, a global business consulting and IT outsourcing company, reported a revenue of $112.3 million for the first quarter of fiscal 2015 an increase of 1% sequentially and 24% year-on-year.

On a constant currency basis, first quarter revenue increased 1% sequentially and 22% year-on-year. Virtusa reported operations income of $11.2 million for the first quarter of fiscal 2015, compared to $12.5 million for the fourth quarter of fiscal 2014 and $8.9 million for the first quarter of fiscal 2014.

Net income for the first quarter of fiscal 2015 was $9.0 million, or $0.31 per diluted share, compared to $10.0 million, or $0.35 per diluted share, for the fourth quarter of fiscal 2014 and compared to $7.5 million, or $0.29 per diluted share, for the first quarter of fiscal 2014.

The company ended the first quarter of fiscal 2015 with $194.8 million of cash, cash equivalents, and short-term and long-term investments. Cash used for operations for the first quarter of fiscal 2015 was $2.5 million.

Virtusa's Chairman and CEO, Kris Canekeratne said, "This was another strong quarter driven by our differentiated value proposition which enable clients to expand their addressable market through digital channels and improves their BAU operation through transformational solutions.