Virtusa posts $ 134.8m revenue

Westborough, MA: Virtusa Corporation, a global business consulting and IT outsourcing company that combines innovation, technology leadership and industry solutions to transform the customer experience, reported consolidated financial results for the first quarter fiscal year 2016, ended June 30, 2015.

Revenue for the first quarter of fiscal 2016 was $134.8 million, an increase of 7% sequentially and 20% year-over-year, including contribution from the acquisition of Apparatus Inc. which closed on April 1, 2015. On a constant currency basis, first quarter revenue increased 7% sequentially and 22% year-over-year.

Virtusa reported GAAP income from operations of $12.4 million for the first quarter of fiscal 2016, compared to $14.5 million for the fourth quarter of fiscal 2015, and an increase compared to $11.2 million for the first quarter of fiscal 2015.

On a GAAP basis, net income for the first quarter of fiscal 2016 was $10.1million, or $0.34per diluted share, compared to $11.6 million, or $0.39per diluted share, for the fourth quarter of fiscal 2015, and an increase from $9.0 million, or $0.31per diluted share, for the first quarter of fiscal 2015.

Non-GAAP income from operations, which excludes stock-based compensation expense and acquisition related expenses, was $18.2 million for the first quarter of fiscal 2016, compared to $19.2 million for the fourth quarter of fiscal 2015, and an increase compared to $14.0 million for the first quarter of fiscal 2015.

Chairman and CEO, Virtusa, Kris Canekeratne said, "The first quarter was a strong start to fiscal year 2016.

Our growth continues to be driven by our differentiated value proposition, which enables our clients to improve operating efficiencies and reduce costs through our industry-leading solutions.

Simultaneously, we help clients re-imagine their business and expand their addressable market through our transformational digital solutions."