IT Services

Feb 02, 2009 (LBO) – Massachusetts-based Virtusa Corp., an IT services firm with operations in Sri Lanka, said net profit for the December quarter rose 18.9 percent to 6.3 million dollars from a year ago. Virtusa has offices in the United States and the United Kingdom and global delivery centres in Hyderabad and Chennai, India and Colombo, Sri Lanka.

The company provides its IT services primarily to enterprises engaged in industries such as communications and technology; banking, financial services and insurance and media and informati Revenue increased six percent to 44.9 million dollars in the third quarter of fiscal 2009 from a year ago, a company statement said.

In its financial outlook, Virtusa’s management said fourth quarter 2009 revenue is expected to be in the range of 40.5 – 42.0 million dollars while fiscal year 2009 revenue is expected to be in the range of 172.0 – 173.5 million dollars.

“Our current guidance for the fourth quarter of fiscal 2009 reflects the tough economic environment, the timing of our clients’ budgeting processes, and the negative foreign exchange impact of the British pound versus our third quarter results,” Ranjan Kalia, Chief Financial Officer, said.