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BANGALORE: New Jersey-based IT services firm iGate's net profit dropped 9% to $31.6 million in the January-March quarter compared to $34.8 million in the same period last year. Sequentially, the Nasdaq-listed IT firm's net profit fell 4.5%.

The company posted almost flat revenue in the March quarter. It rose a mere 1% to $302 million, from $299.3 million in the October-December quarter. However, its revenue increased 10% compared to $274.9 million in the same period last year. Infosys and TCS have also warned that their March quarter results may not be as good as previously anticipated.

iGate CEO Ashok Vemuri described the 10% y-o-y increase as "an encouraging start to the year" (iGate follows the calendar year). "Overall market conditions appear to be favorable across the board. With our healthy pipeline, along with the timely rollout of investm ents in people and solutions, we believe we are well positioned for sustainable growth," Vemuri said.