Virtusa revenue up17 percent

Virtusa Corporation, a global business consulting and IT outsourcing company, reported its consolidated financial results for the second quarter of fiscal year 2014, ended September 30, 2013.

Revenue for the second quarter of fiscal 2014 was $ 94.3 million, an increase of 17% year-on-year and 4% sequentially in reported and constant currency.

Virtusa reported an income of $ 9.8 million from operations for the second quarter of fiscal 2014, an increase of 9% compared to $ 8.9 million for the first quarter of fiscal 2014, and an increase of 32% compared to $ 7.4 million for the second quarter of fiscal 2013. Net income for the second quarter of fiscal 2014 was $ 7.5 million, or $ 0.28 per diluted share, compared to $ 7.5 million, or $ 0.29 per diluted share, for the first quarter of fiscal 2014, and an increase compared to $ 5.8 million, or $ 0.23 per diluted share, for the second quarter of fiscal 2013. Net income for the second quarter of fiscal 2014 included ($ 1.0) million of foreign currency transaction losses compared to a gain of $ 0.4 million in the first quarter of fiscal 2014, and a loss of ($ 0.5) million in the second quarter of fiscal 2013.