Lankan-driven Virtusa announces 2ndQ 2014 results

Virtusa Corporation, a global business consulting and IT outsourcing company driven by Sri Lankans that combines innovation, technology leadership and industry solutions to transform the customer experience, said this week that revenue for the second quater of fiscal 2014 was US$ 94.3 million, up 17 per cent year- over- year and 4 per cent sequentially in both reported and constant currency.

Virtusa reported income from operations of $ 9.8 million for the second quarter of fiscal 2014 compared to $ 8.9 million for the first quarter of fiscal 2014 and compared to $ 7.4 million for the second quarter of fiscal 2013.

The company statement said that 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.

Kris Canekeratne, Virtusa's Chairman and CEO, said, " We are pleased with our second quarter results. Our strong year- over- year performance continues to be driven by the three components of our growth platform, specifically our leadership position in helping our clients build a millennial experience for their customers and employees, our industry leading transformational solutions, and our IT rationalization capabilities. We continue to have success extending our differentiation in these areas, and as a result, we are expanding our market opportunity and taking on larger programmes."

Ranjan Kalia, Chief Financial Officer, said, " During the second quarter, we delivered strong sequential and year- over- year revenue growth. In addition, our efforts to scale the business and leverage our global resources have enabled us to expand our operating profit margins while still investing for growth."

Virtusa extended its current strength in finance transformation with the acquisition of OSB Consulting LLC, which closed on November 1, 2013. OSB is a New Jersey- based consulting firm specializing in the financial services and insurance domains, including SAP finance capabilities. OSB is focused on helping clients automate their finance & accounting processes, reporting capabilities and regulatory compliance.