iGATE Reports Q2 Revenues; Revenues Up 57.3%

iGATE Reports Q2 Revenues; Revenues Up 57.3%

Corporate Structure and Brand Simplified After Patni Delisting

FREMONT, Calif., July 13, 2012 (GLOBE NEWSWIRE) -- iGATE Corporation
(Nasdaq:IGTE), the first integrated Technology and Operations Company
providing Business Outcomes-business based solutions, today announced its
financial results for the second quarter and six months ended June 30, 2012.

Second Quarter Highlights

  *Successfully completed delisting of Patni Computer Systems Ltd and
    launched single go-to-market brand, "iGATE," in line with the vision of
    'one company'
  *Net income for the second quarter of 2012 increased by 217.5% to $12.7
    million from $4.0 million in the second quarter of 2011
  *Revenues for the second quarter of 2012 increased by 57.3% to $268.0
    million from $170.4 million in the second quarter of 2011
  *Gross margin was 37.4% for the second quarter of 2012 compared to 34.7% in
    the corresponding quarter of 2011
  *Diluted earnings per share of $0.07 GAAP; $0.28 non-GAAP
  *iGATE added 17 new customers during the quarter
  *The company ended the second quarter of 2012 with 27,417 employees

Phaneesh Murthy, CEO, iGATE said, "It has been satisfying to see growth coming
back in a very volatile market. I am particularly happy with the pedigree of
the new clients we have added in the quarter with seven of them being Fortune
1000 companies. This clearly shows the increased acceptance of our
differentiated outcomes-based proposition."

On key events, Mr. Murthy said, "I am happy that we have filled our North
American Sales Leadership position. It is my pleasure to welcome Sanjay
Tugnait to this role."

Sujit Sircar, CFO, iGATE said, "I am very pleased that we were able to
smoothly accomplish the delisting process of Patni with our ownership of Patni
shares now rising to 96.9%. While the rupee fluctuation is a concern due to
forex headwinds, I am confident that we are well placed for a steady growth in
revenues and margins. " 

Second Quarter Operating Results

Results for the second quarter on a GAAP and non-GAAP basis are provided in
the table below.

                                                Six   Six   
                                    Q2          months months 
                                Q2    FY'11 Y/Y    ended  ended  Y/Y
                                FY'12              FY'12  FY'11
Net revenue ($Millions)         268.0 170.4 57.3%  531.3  246.2  115.8%
Operating margin($Millions)     48.0  9.7   394.8% 96.1   16.7   475.4%
GAAP net income ($Millions)     12.7  4.0   217.5% 36.7   21.9   67.6%
GAAP diluted EPS ($)            0.07  -0.02 450.0% 0.29   0.18   61.1%
Non-GAAP net income ($Millions) 21.5  11.9  80.7%  50.5   27.7   82.3%
Non-GAAP diluted EPS ($)        0.28  0.16  75.0%  0.66   0.37   78.4%

New customer wins in the quarter

  *A Fortune 1000 Bank in the U.S. has engaged iGATE to support it on a
    critical program aimed at the prevention of money laundering. Through
    proprietary solutions in data management, iGATE is helping make available
    data in the anti-money laundering reporting system. This will help the
    bank stay in compliance with requirements of the Bank Secrecy Act and the
    Patriot Act.
  *A Europe-based Fortune 1000 company providing engineering and technology
    solutions for the energy industry has chosen iGATE to build competencies
    in energy related projects in emerging countries. iGATE is helping the
    company to reduce execution time by building a competence centre in India
    and support its global project deliveries. This centre will concentrate in
    the oil and gas domain and deliver high quality design work.
  *A Fortune 500 company that distributes maintenance, repair, and operating
    supplies has chosen iGATE to assist the company in reducing the time to
    market for its products and services. While iGATE will support this client
    in building and deploying a new generation of e-commerce Solutions, this
    strategic partnership will allow the client to take advantage of iGATE's
    global footprint allowing quicker development and deployment of the
    e-Commerce Systems.
  *iGATE has been selected by a Europe-based Fortune 1000 drug manufacturing
    company to assist in its compliance related programs. iGATE will provide
    validation support to the Product Development Quality and Validation team
    of the company (PDQV) and deliver reports that are critical to stay
    compliant to regulatory guidelines.
  *iGATE has been selected by a leading U.S. Bank to manage its Liquidity
    Risk program. iGATE is using its proprietary Reference Data Management
    solution to establish data lineage and identify all of the critical data
    elements required for Liquidity Risk management.
  *A leading global manufacturer that supplies oilfield and power
    transmission products for use in energy infrastructure and industrial
    applications has chosen iGATE to scale its internal IT and achieve global
    transformation. iGATE will manage and roll-out Enterprise Applications
    globally. iGATE was chosen because of its strong Business Outcomes
    orientation and the ability to provide services at a global scale.

Awards and Recognitions

  *iGATE has been ranked No. 18 and also adjudged a 'Leader' in The 2012
    Global Outsourcing 100® List by The International Association of
    Outsourcing Professionals® (IAOP®). Chosen for the third consecutive year,
    iGATE's rank has risen significantly from No. 53 in 2011. The assessment
    criterion was based on multiple measurement standards such as- Company
    Size; Growth; Global Presence; Customer References; Company Recognitions;
    Company Certifications; Employee Management; Executive Leadership.
  *iGATE won the 'World Class Award', the highest honour under the 'Large
    Service Organizations' category, at the Global Performance Excellence
    Awards (GPEA).
  *iGATE's Legal Team was selected as the winner of the 'International
    Company In-House Legal Team of the Year' by the International Financial
    Law Review (IFLR)/Asia Law in the Mergers & Acquisitions Category for its
    extensive work and valuable contribution in completion of a complex
    transaction in the acquisition of Patni Computer Systems Limited.
  *iGATE was ranked No.3 and rated in the 'Leaders' category for its Product
    and Engineering Practice by Zinnov Consulting in its Global R&D Service
    Providers' Rating.
  *The iGATE Corporation Annual Report 2011 won the Silver Award (Core area-
    Tech. and IT Services) in the prestigious LACP Annual Report competition
    in the 'Overall Category' for the fourth time in a row.

New Appointment

iGATE appointed Sanjay Tugnait as the new North America Sales Leader and
Global Head of Alliances. Sanjay will be paramount to delivering iGATE's
business growth agenda. He will be part of iGATE's Executive Committee. In a
career spanning over two decades, Sanjay has been part of global companies
such as Accenture and IBM/PWC.

Prior to joining iGATE, Sanjay was the Managing Partner of Accenture's
Financial Services practice in India. He is credited for setting up the
company's Financial Services business in the subcontinent. He has also served
Accenture as a Partner for its North America practice. Sanjay has been part of
Accenture's Global CEO Advisory Council and India Leadership team.

Conference Call and Webcast

iGATE will host a telephone conference call on Friday, July 13, 2012 at 8:00
am Eastern time to discuss the results of its second quarter and six months
ended June 30, 2012. The live discussion may be accessed by dialing
877-407-8037 (toll free) or 201-689-8037 (toll) and entering account number
293 and conference number 397094. The on-demand version of the webcast will be
available on the iGATE website shortly after the call.

Investors, potential investors, shareholders and bond holders can access the
telephonic replay by dialing 877-660-6853 (toll free) or 201-612-7415 (toll)
and entering account number 293 and conference number 397094. The telephonic
replay will be available until July 20, 2012.

About Business Outcomes

iGATE's industry-first Business Outcomes-based approach focuses on the
realization of tangible and measurable results, unlike traditional models
which are driven by work, effort, time and manpower. By integrating technology
and processes in a proprietary way and pricing services on results, iGATE
exchanges fixed costs for a variable cost structure in an attempt to get
clients to pay-for-results-only while enabling them adjust to the peaks and
valleys of their demand.

About iGATE

iGATE Corporation is the first integrated technology and operations (iTOPS)
company providing full-spectrum consulting, technology and business process
outsourcing, and product and engineering solutions on a Business
Outcomes-based model. Armed with over three decades of IT Services experience
and powered by the iTOPS platform, iGATE's multi-location global organization
has a talent pool of over 27,000 employees and consistently delivers effective
solutions to over 360 Fortune 1000 clients spanning verticals such as: banking
and financial services; insurance and healthcare; life sciences;
manufacturing, retail, distribution and logistics; media, entertainment,
leisure and travel; communication, energy and utilities; public sector; and
independent software vendors. Please visit www.igate.com for more information.

iGATE Corporation is listed on NASDAQ under the symbol "IGTE."

The iGATE Corporation logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=5150

Use of non-GAAP Financial Measures

This press release contains non-GAAP financial measures as defined by the
Securities and Exchange Commission. These non-GAAP measures are not in
accordance with, or an alternative for measures prepared in accordance with,
generally accepted accounting principles in the United States and may be
different from non-GAAP measures used by other companies. In addition, these
non-GAAP measures are not based on any comprehensive set of accounting rules
or principles.Reconciliations of these non-GAAP measures to their comparable
GAAP measures are included in the attached financial tables.

iGATE believes that non-GAAP measures have limitations in that they do not
reflect all of the amounts associated with iGATE's results of operations as
determined in accordance with GAAP and that these measures should only be used
to evaluate iGATE's results of operations in conjunction with the
corresponding GAAP measures.These non-GAAP measures should be considered
supplemental in nature and should not be considered in isolation or be
construed as being more important than comparable GAAP measures.

iGATE believes that providing Adjusted EBITDA and non-GAAP net income and
non-GAAP diluted earnings per share in addition to the related GAAP measures
provides investors with greater transparency to the information used by
iGATE's management in its financial and operational decision-making. These
non-GAAP measures are also used by management in connection with iGATE's
performance compensation programs.

More specifically, the non-GAAP financial measures contained herein exclude
the following items:

  *Amortization of intangible assets: Intangible assets comprise value of
    customer relationships from the recent Patni acquisition and the previous
    delisting of iGATE's Indian subsidiary. iGATE incurs charges relating to
    the amortization of these intangibles. These charges are included in
    iGATE's GAAP presentation of earnings from operations, operating margin,
    net income and diluted earnings per share. iGATE excludes these charges
    for purposes of calculating these non-GAAP measures.
    
  *Stock-based compensation: Although stock-based compensation is an
    important aspect of the compensation of iGATE's employees and executives,
    determining the fair value of the stock-based instruments involves a high
    degree of judgment and estimation and the expense recorded may not reflect
    the actual value realized upon the future exercise or termination of the
    related stock-based awards. Furthermore, unlike cash compensation, the
    value of stock-based compensation is determined using a complex formula
    that incorporates factors, such as market volatility, that are beyond our
    control. Management believes it is useful to exclude stock-based
    compensation in order to better understand the long-term performance of
    our core business.
    
  *Acquisition expenses: iGATE incurs costs related to its acquisitions,
    which are inconsistent in amount and frequency and are significantly
    impacted by the timing and nature of iGATE's acquisitions. iGATE believes
    that eliminating these expenses for purposes of calculating these non-GAAP
    measures facilitates a more meaningful evaluation of iGATE's current
    operating performance and comparisons to its past operating performance.
    
  *Foreign Exchange gain: The Company entered into forward foreign exchange
    contracts to mitigate the risk of changes in foreign exchange rates on
    payments related to the acquisition of Patni. We also recognized favorable
    foreign currency gain on re-measurement of escrow account balance
    maintained for facilitating payments related to the Patni acquisition.
    iGATE believes that eliminating the non-capitalized items for purposes of
    calculating these non-GAAP measures facilitates a more meaningful
    evaluation of iGATE's current performance and comparisons to its past
    performance.

  In March 2012, the Company entered into a forward foreign exchange contract
  to mitigate the risk of changes in foreign exchange rates on payments
  related to the delisting of Patni.In June 2012, the Company recognized
  foreign currency loss on re-measurement of escrow account balance and
  foreign exchange gain on re-measurement of redeemable non-controlling
  interest liability. iGATE believes that eliminating the non-capitalized
  items for purposes of calculating these non-GAAP measures facilitates a more
  meaningful evaluation of iGATE's current performance and comparisons to its
  past performance.

  *Severance Cost: As a result of the acquisition of Patni, iGATE incurred
    severance costs in connection with the termination of the services of some
    of Patni's employees.
    
  *Delisting expenses: iGATE voluntarily delisted the equity shares of its
    majority owned subsidiary, Patni from the National Stock Exchange of India
    Limited and the Bombay Stock Exchange Limited and the American Depository
    Shares from the New York Stock Exchange. Delisting is an infrequent
    activity and expenses incurred in connection therein are inconsistent in
    amount and are significantly impacted by the timing and nature of the
    delisting. iGATE believes that eliminating these expenses for purposes of
    calculating these non-GAAP measures facilitates a more meaningful
    evaluation of iGATE's current operating performance and comparisons to its
    past operating performance.

From time to time in the future, there may be other items that iGATE may
exclude in presenting its financial results.

Forward-Looking Statements

Statements contained in this press release regarding the benefits of the Patni
acquisition, the business outlook, the demand for the products and services,
and all other statements in this release other than recitation of historical
facts are forward-looking statements. Words such as "expect", "potential",
"believes", "anticipates", "plans", "intends" and similar expressions are
intended to identify such forward-looking statements. Forward-looking
statements in the press release include, without limitation, forecasts of
market growth, future revenues, future expectations concerning growth of
business, cost competitiveness and expansion of global reach following the
acquisition, and other matters that involve known and unknown risks,
uncertainties and other factors that may cause results, levels of activity,
performance or achievements to differ materially from results expressed or
implied by this press release. Such risk factors include, among others:
difficulties encountered in integrating business; whether certain market
segments grow as anticipated; the competitive environment in the information
technology services industry and competitive responses to our acquisition of
Patni; and whether the companies can successfully provide services/products
and the degree to which these gain market acceptance.Furthermore, in
connection with the Patni acquisition, the Company has borrowed significant
amounts, including through the issuance of high yield notes, and will have to
use a significant portion of its cash flows to service such indebtedness, as a
result of which the Company might not have sufficient funds to operate its
businesses in the manner it intends or has operated in the past. Additional
risks relating to the Company are set forth in the Company's Annual Report on
Form 10-K for the fiscal year ended December 31, 2011, as well as the
Company's other reports filed with the Securities and Exchange Commission and
risks related to the business of Patni as set forth in Patni's Annual Report
in Form 20-F for the fiscal year ended December 31, 2011.Actual results may
differ materially from those contained in the forward-looking statements in
this press release.Any forward-looking statements are based on information
currently available to the Company and it assumes no obligation to update
these statements as circumstances change.This document does not constitute an
offer to purchase or to sell securities in any jurisdiction.

iGATE CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(Amounts in thousands, except per share data)
                                                                
                                                    June 30,     December 31,
                                                    2012         2011
                                                    (unaudited)  (audited)
                                                                
ASSETS                                                           
Current assets:                                                  
Cash and cash equivalents                           $83,413    $75,440
Restricted Cash                                      26,349      --
Short-term investments                               344,987     354,528
Accounts receivable, net                            138,788     172,711
Unbilled revenues                                    100,064     45,223
Prepaid expenses and other current assets            22,839      18,752
Foreign exchange derivative contracts                3,680       277
Prepaid income taxes                                 11,676      8,341
Deferred tax assets                                  24,933      20,574
Receivable from Mastech Holdings, Inc.               --         187
Total current assets                                 756,729     696,033
                                                                
Deposits and other assets                            29,629      32,102
Prepaid income taxes                                 23,255      18,481
Property and equipment, net                          157,359     175,672
Leasehold land                                       85,890      90,339
Deferred tax assets                                  27,097      30,456
Goodwill                                             487,580     511,060
Intangible assets, net                               148,121     160,706
                                                                
Totalassets                                         $ 1,715,660 $1,714,849
LIABILITIES AND SHAREHOLDERS' EQUITY                             
Current liabilities:                                             
Accounts payable                                     $7,735     $7,857
Accrued payroll and related costs                    49,681      71,913
Accrued income taxes                                 1,108       3,993
Line of credit                                       57,000      57,000
Other accrued liabilities                            80,144      77,988
Foreign exchange derivative contracts                22,254      12,471
Deferred revenue                                     16,687      22,412
Total current liabilities                            234,609     253,634
                                                                
Other long-term liabilities                          3,790       4,610
Senior notes                                         770,000     770,000
Term Loan                                            225,500     --
Foreign exchange derivative contracts                --         6,739
Accrued income taxes                                 24,717      17,672
Deferred tax liabilities                             60,464      58,992
Total liabilities                                    1,319,080   1,111,647
                                                                
Redeemable non controlling interest                  53,175      --
                                                                
Series B Preferred stock                             363,386     349,023
                                                                
Shareholders' equity:                                            
Common Stock, par value $0.01 per share              582         577
Additional paid-in capital                           176,139     201,281
Retained earnings                                    126,845     104,493
Common stock in treasury, at cost                    (14,714)    (14,714)
Accumulated other comprehensive loss                 (308,833)   (214,641)
Total iGATE Corporation shareholders' equity         (19,981)    76,996
(deficit)
Non controlling interest                             --         177,183
Totalequity (deficit)                               (19,981)    254,179
Total liabilities, preferred stock and shareholders' $ 1,715,660 $1,714,849
equity



iGATE CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Amounts in thousands)
(unaudited)
                                                                
                                  Three Months ended    Six Months ended
                                  June 30,              June 30,
                                  2012     2011       2012     2011
                                                                
Revenues                           $267,993 $170,417 $531,258 $246,215
                                                                
Cost of revenues (exclusive of     167,682   111,203   325,111   155,998
Depreciation and amortization)
                                                                
Gross margin                       100,311   59,214    206,147   90,217
                                                                
Selling, general and               40,863    40,423    83,284    62,170
administrative
                                                                
Depreciation and amortization      11,445    9,058     26,730    11,365
                                                                
Income from operations            48,003    9,733     96,133    16,682
                                                                
Other income (loss), net           (30,707)  (4,003)   (39,430)  15,850
                                                                
Income before income taxes         17,296    5,730     56,703    32,532
                                                                
Income tax expense                4,649     1,244     15,512    10,107
                                                                
Net income before noncontrolling   12,647    4,486     41,191    22,425
interest
                                                                
Noncontrolling interest            --       487       4,476     487
                                                                
Net income attributable to iGATE   12,647    3,999     36,715    21,938
Corporation
                                                                
Accretion to Preferred Stock       98        115       192       130
Preferred dividend                 7,172     5,639     14,171    8,362
Net income attributable to iGATE   $5,377   $(1,755) $22,352  $13,446
common shareholders




iGATE CORPORATION
Earnings Per Share
(Amounts in thousands, except per share data)
(unaudited)
                                                                        
                          Three Months Ended June          Six Months Ended June
                             30,                               30,
PARTICULARS              2012           2011              2012            2011
                                                                        
Net income
attributable
to iGATE                   $5,377       $(1,755)        $22,352       $13,446
common
shareholders
Add:
Dividends on
Series B                   7,172         5,639            14,171         8,362
Preferred
Stock
                          12,549        3,884            36,523         21,808
                                                                        
Less:
Dividends                                                                
paid on
Common Stock  [A]     $--         $--           $--           $-- 
Unvested
restricted    [B]     --           --             --             --   
stock
Series B
Preferred     [C]     7,172 7,172   5,639 5,639     14,171 14,171   8,362 8,362
Stock
Undistributed              $5,377       $(1,755)        $22,352       $13,446
Income
                                                                        
Basic and
Diluted
allocation of                                                            
Undistributed
Income
Common stock [D]           4,086         (1,351)          16,984         10,352
Unvested
restricted    [E]           3             (6)              13             41
stock
Series B
Preferred     [F]           1,288         (398)            5,355          3,053
Stock
                          $5,377       $(1,755)        $22,352       $13,446
                                                                        
Shares                                                                   
outstanding:
Common stock               57,227        56,524           57,227         56,524
Unvested
restricted                 45            222              45             222
stock
Series B
Preferred                  18,045        16,668           18,045         16,668
Stock
                          75,317        73,414           75,317         73,414
                                                                        
Weighted
average                                                                  
shares
outstanding:
Common stock  [G]           57,163        56,514           56,978         56,399
Unvested
restricted    [H]           45            238              45             257
stock
Participating
preferred     [I]           18,045        16,668           18,045         16,668
stock
                          75,253        73,420           75,068         73,324
                                                                        
Weighted
average                    57,163        56,752           56,978         56,399
common stock
outstanding
Dilutive
effect of
stock options
and                        1,569         --              1,636          1,483
restricted
shares
outstanding
Dilutive
weighted
average       [J]           58,732        56,752           58,614         57,882
shares
outstanding
                                                                        
Distributed
earnings per                                                             
share:
Common stock  [K=A/G]       $--         $--            $--          $--
Unvested
restricted    [L=B/H]       $--         $--            $--          $--
stock
Participating
preferred     [M=C/I]       $0.40        $0.34           $0.79         $0.50
stock
                                                                        
Undistributed
earnings per                                                             
share:
Common stock  [N=D/G]       $0.07        $(0.02)         $0.30         $0.18
Unvested
restricted    [O=E/H]       $0.07        $(0.02)         $0.30         $0.18
stock
Participating
preferred     [P=F/I]       $0.07        $(0.02)         $0.30         $0.18
stock
                                                                        
Basic
earnings per                                                             
share from
operations
Common Stock  [K+N]         $0.07        $(0.02)         $0.30         $0.18
Unvested
restricted    [L+O]         $0.07        $(0.02)         $0.30         $0.18
stock
Participating
preferred     [M+P]         $0.47        $0.32           $1.09         $0.68
stock
                                                                        
Diluted
earnings per  [[A+B+D+E]/J]  $0.07        $(0.02)         $0.29         $0.18
share from
operations
                                                                        
The number of outstanding participative convertible preferred stock for which the earnings
per share exceeded the earnings per share of common stock aggregated to 18.0 million for
the three months and six months endedJune 30,2012 respectively.These shares were excluded
from the computation of diluted earnings per share as they were anti-dilutive.



iGATE CORPORATION
Reconciliation of Selected GAAP measures to Non-GAAP measures
(Amounts in thousands, except per share data)
(unaudited)
                                                               
                            Three Months ended        Six Months ended
                            June 30th                 June 30th
                            2012         2011         2012        2011
GAAP Net income              $12,647    $3,999     $36,715   $ 21,938
                                                               
Adjustments                                                     
                                                               
Amortization of Intangible   2,121       1,324       4,295      1,520
assets, net of taxes
Stock Based Compensation,    2,007       2,358       3,972      3,219
net of taxes
Acquisition expenses, net    --         1,875       --        10,914
oftaxes
Delisting expenses, net of   847         --         2,325      --
taxes
Forex (gain) / losson
acquisition hedging and      3,839       (2,008)     3,154      (14,314)
remeasurement, net of taxes
Severance cost, net oftaxes --         4,388       --        4,388
                                                               
Non-GAAP Net income          $21,461    $ 11,936    $50,461   $ 27,665
                                                               
Basic earnings per share                                        
from operations
GAAP                         $0.07      $(0.02)    $0.30     $0.18
Non-GAAP                     $0.29      $0.16      $0.67     $0.38
                                                               
Diluted earnings per share                                      
from operations
GAAP                         $0.07      $(0.02)    $0.29     $0.18
Non-GAAP                     $0.28      $0.16      $0.66     $0.37
                                                               
Weighted average shares      75,253      73,420      75,068     73,325
outstanding, Basic*
Weighted average dilutive
common equivalent shares     76,777      73,420      76,659     74,550
outstanding*
                                                               
*Includes assumed conversion of 18.0 million ,16.7 million shares of Series B
Preferred Stock as of June 30,2012 and 2011 respectively


iGATE CORPORATION
Reconciliation of Net income, net of tax, to Adjusted EBITDA
(Amounts in thousands)
(unaudited)

                        Three Months ended         Six Months ended
                        June 30th                  June 30th
                        2012          2011         2012          2011
                                                              
Net income attributable  $12,647     $3,999     $36,715     $21,938
to iGATE Corporation
                                                              
Adjustments                                                    
                                                              
Depreciation and         11,445       9,058       26,730       11,365
amortization
Interest expenses        21,032       13,199      40,155       13,288
Income tax expense      4,649        1,244       15,512       10,107
Noncontrolling interest  --          487         4,476        487
Other income, net        (7,596)      (3,321)     (15,160)     (4,418)
Foreign exchange         17,271       (5,875)     14,435       (24,720)
(gain)/loss
Stock Based Compensation 2,663        3,014       5,475        4,522
Acquisition expenses     --          1,122       --          10,914
Severance expenses       --          6,164       --          6,164
Delisting expenses       1,089        --          3,204        --
Adjusted EBITDA (a       $63,200     $29,091    $131,542    $49,647
non-GAAP measure)
                                                              

The Company presents the non-GAAP financial measures EBITDA and adjusted
EBITDA because management uses these measures to monitor and evaluate the
performance of the business and believe the presentation of these measures
will enhance the investors' ability to analyze trends in the business and
evaluate the Company underlying performance relative to other companies in the
industry.

The Company presents the non-GAAP financial measures EBITDA and adjusted
EBITDA because management uses these measures to monitor and evaluate the
performance of the business and believe the presentation of these measures
will enhance the investors' ability to analyze trends in the business and
evaluate the Company underlying performance relative to other companies in the
industry.

Non-GAAP Disclosure of Adjusted EBITDA

We present Adjusted EBITDA as a supplemental measure of our performance. We
define Adjusted EBITDA as net income attributable to iGATE Corporation plus
(i) depreciation and amortization, (ii) interest expense, (iii) income tax
expense, minus (iv) other income, net plus (v) foreign exchange loss, (v)
stock based compensation (vi) acquisition expenses (vii) severance expenses
and (viii) delisting expenses. We eliminated the impact of the above as we do
not consider them as indicative of our ongoing operating performance. These
adjustments are itemized below. You are encouraged to evaluate these
adjustments and the reasons we consider them appropriate for supplemental
analysis. In evaluating Adjusted EBITDA, you should be aware that in the
future we may incur expenses that are the same as or similar to some of the
adjustments in this presentation. Our presentation of Adjusted EBITDA should
not be construed as an inference that our future results will be unaffected by
unusual or non-recurring items.

We present Adjusted EBITDA because we believe it assists investors and
analysts in comparing our performance across reporting periods on a consistent
basis by excluding items that we do not believe are indicative of our core
operating performance. In addition, we use Adjusted EBITDA: [(i) as a factor
in evaluating management's performance when determining incentive
compensation, (ii) to evaluate the effectiveness of our business strategies
and (iii) because our credit agreement and our indenture use measures similar
to Adjusted EBITDA to measure our compliance with certain covenants.

Adjusted EBITDA has limitations as an analytical tool. Some of these
limitations are:

  *Adjusted EBITDA does not reflect our cash expenditures, or future
    requirements, for capital expenditures or contractual commitments;
  *Adjusted EBITDA does not reflect changes in, or cash requirements for, our
    working capital needs;
  *Adjusted EBITDA does not reflect the significant interest expense, or the
    cash requirements necessary to service interest or principal payments, on
    our debts; although depreciation and amortization are non-cash charges,
    the assets being depreciated and amortized will often have to be replaced
    in the future, and adjusted EBITDA does not reflect any cash requirements
    for such replacements; non-cash compensation is and will remain a key
    element of our overall long-term incentive compensation package, although
    we exclude it as an expense when evaluating our ongoing operating
    performance for a particular period; Adjusted EBITDA does not reflect the
    impact of certain cash charges resulting from matters we consider not to
    be indicative of our ongoing operations; and other companies in our
    industry may calculate adjusted EBITDA differently than we do, limiting
    its usefulness as a comparative measure.

Because of these limitations, adjusted EBITDA should not be considered in
isolation or as a substitute for performance measures calculated in accordance
with GAAP. We compensate for these limitations by relying primarily on our
GAAP results and using Adjusted EBITDA only supplementally.

CONTACT: Media Contact

         Prabhanjan Deshpande "PD"
         +91 80 4104 5006
         PD@igate.com
        
         Investor Contact

         Araceli Roiz
         +1 510 896 3007
         araceli.roiz@igate.com

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