Virtusa revenue up 7 percent to $ 86.5 m in Q3 2013

Virtusa Corporation released its third quarter fiscal 2013 consolidated financial results.

R evenue for the third quarter of fiscal 2013 was $86.5 m, an increase of 7 percent sequentially on a reported and constant currency basis.

Virtusa reported an income of $9.1 m from operations or 10.6 percent of revenue for the third quarter of fiscal 2013, an increase of 23 percent compared to $7.4 m or 9.2 percent of revenue for the second quarter of fiscal 2013, and an increase of 39 percent compared to $6.6 m or 9.1 percent of revenue for the third quarter of fiscal 2012.

Net income for the third quarter of fiscal 2013 was $7.4 m, or $0.29 per diluted share, an increase compared to $5.8 m, or $0.23 per diluted share, for the second quarter of fiscal 2013, and an increase compared to $5.6 m, or $0.22 per diluted share, for the third quarter of fiscal 2012.

Net income for the third quarter of fiscal 2013 included ($0.2) m of foreign currency transaction losses compared to ($0.5) m of foreign currency transaction losses in the second quarter of fiscal 2013, and a gain of $0.2 m in the third quarter of fiscal 2012.

Virtusa Chairman and CEO, Kris Canekeratne said, "This was a strong quarter for Virtusa driven by broad-based revenue growth across all of our industries and geographies. We are seeing the benefits of scale and the investments we have made in building competencies to pursue and win engagements that are at the nexus of our clients and their consumers.

"The successful client outcomes we are driving are opening new opportunities within enterprises, in current and new lines of business.", he said.

"In addition, our thought leadership and innovation in millennial enterprise is creating expanded opportunities across our business and further solidifying Virtusa as a strategic partner to our clients," he said.