Global Solutions has declared results for the second quarter ended September 30, 2007.

For the second quarter ended September 2007, the company has reported a 127 per cent increase in its net profit (Rs 22.9 crore), as against the corresponding period of the last fiscal (2006-07).

The earnings for the second quarter stood at Rs 200.8 crore as compared to Rs 202.6 crore in the same quarter of the last fiscal.

The company’s earning per share (EPS) arose to Rs 7.25 from Rs 3.26 in the same quarter previous year.

Phaneesh Murthy, CEO, iGATE said, “We closed the second quarter with a healthy order book giving us optimism for revenue growth.”

“It has been a good quarter for us in terms of margins. The EBDITA has expanded by 260 bps (q-o-q) in the recently concluded quarter,” Mr. Murthy added.

The company has added three new clients during the three months period of the second quarter. Offshore volume contribution stood at 78 per cent in Q2FY08, which was higher as against 72 per cent in Q2FY07. The combined usage rate also climbed to 75 per cent.

The company stated that its parent, US-based iGATE Corp, has decided to delist the company shares from the Indian bourses. The directors will assemble today to think about the matter.

But, the delisting is subject to shareholders approval and a regulatory authorization. If fulfilled, the purchase of these shares will be done in line with SEBI rule via a shareowner-led reverse book building process.

The whole procedure is projected to be finished by December 2007. The stock markets noted the growth and the stock at Rs 338 levels zoomed Rs 21 in late morning deals today.