Virtusa revenue, profits soar again
Business consulting and technology outsourcing company Virtusa of Westborough capped off another year of healthy revenue and profit gains, finishing its 2015 fiscal year with increases of more than 20 percent in both key financial measures.
Virtusa said revenue increased 21 percent to $479 million, while net income soared 23.4 percent to $42.4 million. For the fourth quarter, which ended March 31, revenue and profit increases were smaller, but still up 13.4 percent and 15 percent, respectively. Revenue was $126 million and net income $11.55 million.
And Virtusa expects the good times to keep rolling. It’s forecasting revenue for fiscal year 2016 at between $569 million and $587 million.
Chairman and CEO Kris Canekeratne, in a company statement, said the company is winning “larger engagements” while expanding sales with current clients. “We enter fiscal year 2016 with the strongest client base in our history, and with meaningful opportunity to continue to grow and scale across our client base,” he said.
Canekeratne also alluded to Virtusa’s recent acquisition of Apparatus Inc., of Indianapolis, for $34.2 million cash. He said the deal for the end-to-end IT infrastructure services provider “supports our growth objectives by expanding our IT outsourcing solutions, increasing our addressable market and contributing to recurring revenue.”
Despite that acquisition, Virtusa said it strengthened its cash position by about 51 percent. The company has close to $125 million in cash and cash equivalents.
Virtusa’s stock, which trades on the Nasdaq exchange under the symbol VRTU, had soared about 6.3 percent in trading Tuesday as of 11:15 a.m., after closing Monday at $40.80 a share.
WBJ Web Partners
Most Recent
Most Recent
0 Comments