The crisis affecting India's mid-tier software companies into the second and third quarters of FY 2005 did not spare iGate either. Result: iGate dropped many points down the rankings from the 29th position last year. The second quarter of the fiscal saw hard times, but into the fourth quarter, operating margins stabilized. The company made a net profit of Rs 21 crore for the year, and with the iGate share trading at Rs 1,171 and the company announcing a 15% dividend, investor confidence stayed high.

Revenues from the key software and services business dropped half a percent from last year, and billing delays took their toll on the BFSI and manufacturing segment revenues. Manufacturing has been a star segment for iGate, contributing a mammoth 58% of iGate's services revenues. However, revenues in this key segment dropped 35% in fiscal 2005.