Virtusa (VRTU) 10-Q 31 Jan 14 2014 Q3 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	9 Months Ended
	Dec. 31, 2013	Jan. 28, 2014
Document and Entity Information	'	'
Entity Registrant Name	'VIRTUSA CORP	'
Entity Central Index Key	'0001207074	'
Document Type	'10-Q	'
Document Period End Date	31-Dec-13	'
Amendment Flag	'false	'
Current Fiscal Year End Date	'--03-31	'
Entity Current Reporting Status	'Yes	'
Entity Filer Category	'Accelerated Filer	'
Entity Common Stock, Shares Outstanding	'	29,167,818
Document Fiscal Year Focus	'2014	'
Document Fiscal Period Focus	'Q3	'

Consolidated_Balance_Sheets

Consolidated Balance Sheets (USD $)	Dec. 31, 2013	Mar. 31, 2013
In Thousands, unless otherwise specified
Current assets:	'	'
Cash and cash equivalents	$93,406	$57,199
Short-term investments	40,766	29,452
Accounts receivable, net of allowance of $1,194 and $740 at December 31, 2013 and March 31, 2013, respectively	60,894	68,612
Unbilled accounts receivable	18,028	15,702
Prepaid expenses	9,565	7,562
Deferred income taxes	9,149	7,674
Restricted cash	690	350
Other current assets	8,430	8,333
Total current assets	240,928	194,884
Property and equipment, net of accumulated depreciation of $29,003 and $26,618 at December 31, 2013 and March 31, 2013, respectively	34,046	36,775
Long-term investments	8,128	8,319
Deferred income taxes	6,403	9,275
Goodwill	40,792	35,472
Intangible assets, net	19,159	15,692
Other long-term assets	3,565	3,502
Total assets	353,021	303,919
Current liabilities:	'	'
Accounts payable	8,339	9,231
Accrued employee compensation and benefits	20,896	17,683
Accrued expenses and other current liabilities	24,024	17,811
Current portion of long-term debt	20,000	'
Income taxes payable	1,713	4,509
Total current liabilities	74,972	49,234
Long-term liabilities	10,276	2,478
Total liabilities	85,248	51,712
Commitments and guarantees	'	'
Stockholders' equity:	'	'
Undesignated preferred stock, $0.01 par value: Authorized 5,000,000 shares at December 31, 2013 and March 31, 2013; zero shares issued and outstanding at December 31, 2013 and March 31, 2013	'	'
Common stock, $0.01 par value: Authorized 120,000,000 shares at December 31, 2013 and March 31, 2013; issued 27,569,650 and 27,033,818 shares at December 31, 2013 and March 31, 2013, respectively; outstanding 25,712,947 and 25,177,115 shares at December 31, 2013 and March 31, 2013, respectively	276	270
Treasury stock, 1,856,703 common shares, at cost, at December 31, 2013 and March 31, 2013, respectively	-9,652	-9,652
Additional paid-in capital	180,686	173,056
Retained earnings	131,575	107,247
Accumulated other comprehensive loss	-35,112	-18,714
Total stockholders' equity	267,773	252,207
Total liabilities, undesignated preferred stock and stockholders' equity	$353,021	$303,919

Consolidated_Balance_Sheets_Pa

Consolidated Balance Sheets (Parenthetical) (USD $)	Dec. 31, 2013	Mar. 31, 2013
In Thousands, except Share data, unless otherwise specified
Consolidated Balance Sheets	'	'
Accounts receivable, allowance (in dollars)	$1,194	$740
Property and equipment, accumulated depreciation (in dollars)	$29,003	$26,618
Undesignated preferred stock, par value (in dollars per share)	$0.01	$0.01
Undesignated preferred stock, Authorized shares	5,000,000	5,000,000
Undesignated preferred stock, shares issued	0	0
Undesignated preferred stock, shares outstanding	0	0
Common stock, par value (in dollars per share)	$0.01	$0.01
Common stock, Authorized shares	120,000,000	120,000,000
Common stock, issued shares	27,569,650	27,033,818
Common stock, outstanding shares	25,712,947	25,177,115
Treasury stock, common shares	1,856,703	1,856,703

Consolidated_Statements_of_Inc

Consolidated Statements of Income (USD $)	3 Months Ended		9 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2013	Dec. 31, 2012
Consolidated Statements of Income	'	'	'	'
Revenue	$101,043	$86,474	$285,833	$243,226
Costs of revenue	63,821	55,698	182,126	158,194
Gross profit	37,222	30,776	103,707	85,032
Operating expenses:	'	'	'	'
Selling, general and administrative expenses	26,026	21,634	73,806	61,593
Income from operations	11,196	9,142	29,901	23,439
Other income (expense):	'	'	'	'
Interest income	1,021	778	2,623	2,247
Foreign currency transaction gains (losses)	138	-194	-434	-244
Other, net	-4	-10	207	54
Total other income (expense)	1,155	574	2,396	2,057
Income before income tax expense	12,351	9,716	32,297	25,496
Income tax expense	3,023	2,312	7,969	6,189
Net income	$9,328	$7,404	$24,328	$19,307
Net income per share of common stock:	'	'	'	'
Basic (in dollars per share)	$0.36	$0.30	$0.95	$0.78
Diluted (in dollars per share)	$0.35	$0.29	$0.92	$0.76

Consolidated_Statements_of_Com

Consolidated Statements of Comprehensive Income (USD $)	3 Months Ended		9 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2013	Dec. 31, 2012
Consolidated Statements of Comprehensive Income	'	'	'	'
Net income	$9,328	$7,404	$24,328	$19,307
Other comprehensive income (loss):	'	'	'	'
Foreign currency translation adjustments	2,099	-2,163	-8,829	-3,498
Pension plan adjustment	13	-2	156	-18
Unrealized gain (loss) on available-for-sale securities, net of tax	9	-8	12	5
Unrealized gain (loss) on effective cash flow hedges, net of tax	1,555	-943	-7,737	859
Other comprehensive income (loss)	3,676	-3,116	-16,398	-2,652
Comprehensive income	$13,004	$4,288	$7,930	$16,655

Consolidated_Statements_of_Cas

Consolidated Statements of Cash Flows (USD $)	9 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012
Cash flows from operating activities:	'	'
Net income	$24,328	$19,307
Adjustments to reconcile net income to net cash provided by operating activities:	'	'
Depreciation and amortization	7,892	6,509
Share-based compensation expense	5,725	4,181
Provision for doubtful accounts	524	434
Loss (gain) on sale of property and equipment	10	-109
Foreign currency losses, net	434	244
Excess tax benefits from stock option exercises	-2,974	'
Net change in operating assets and liabilities:	'	'
Accounts receivable and unbilled accounts receivable	6,205	-9,345
Prepaid expenses and other current assets	-3,022	-1,040
Other long-term assets	-923	-1,083
Accounts payable	-1,171	614
Accrued employee compensation and benefits	67	-1,435
Accrued expenses and other current liabilities	-1,921	2,431
Income taxes payable	4,639	3,071
Other long-term liabilities	-286	-99
Net cash provided by operating activities	39,527	23,680
Cash flows from investing activities:	'	'
Proceeds from sale of property and equipment	71	117
Purchase of short-term investments	-12,302	-8,571
Proceeds from sale or maturity of short-term investments	5,024	7,975
Purchase of long-term investments	-7,074	-8,421
Proceeds from sale or maturity of long-term investments	800	1,258
Decrease (increase) in restricted cash	-362	2,426
Business acquisition	-6,156	-2,775
Purchase of property and equipment	-5,825	-8,517
Net cash used in investing activities	-25,824	-16,508
Cash flows from financing activities:	'	'
Borrowings on revolving credit facility	20,000	'
Proceeds from exercise of common stock options	2,330	710
Purchases of common stock	'	-1,408
Principal payments on capital lease obligation	-12	-1,021
Excess tax benefits from stock option exercises	2,974	'
Net cash provided by (used in) financing activities	25,292	-1,719
Effect of exchange rate changes on cash and cash equivalents	-2,788	-935
Net increase in cash and cash equivalents	36,207	4,518
Cash and cash equivalents, beginning of period	57,199	58,105
Cash and cash equivalents, end of period	$93,406	$62,623

Nature_of_Business

Nature of Business	9 Months Ended
	Dec. 31, 2013
Nature of Business	'
Nature of Business	'
	(1) Nature of Business
	Virtusa Corporation (the “Company” or “Virtusa”) is a global information technology services company. The Company uses a global delivery model to provide a broad range of information technology, or IT, services, including IT consulting, technology implementation and application outsourcing. Using its enhanced global delivery model, innovative platforming approach and industry expertise, the Company provides cost-effective services that enable its clients to accelerate time to market, improve service and enhance productivity. Headquartered in Massachusetts, Virtusa has offices in the United States, the United Kingdom, Sweden, Germany, Austria and Singapore and global delivery centers in Hyderabad, Chennai, Bangalore and Pune, India; Colombo, Sri Lanka; Budapest, Hungary; Kuala Lumpur, Malaysia; and Manila, Philippines.

Unaudited_Interim_Financial_In

Unaudited Interim Financial Information	9 Months Ended
	Dec. 31, 2013
Unaudited Interim Financial Information	'
Unaudited Interim Financial Information	'
	(2) Unaudited Interim Financial Information
	Basis of Presentation
	The accompanying unaudited consolidated financial statements have been prepared by the Company in accordance with U.S. generally accepted accounting principles and Article 10 of Regulation S-X under the Securities and Exchange Act of 1934, as amended, and should be read in conjunction with the Company’s audited consolidated financial statements (and notes thereto) for the fiscal year ended March 31, 2013 included in the Company’s Annual Report on Form 10-K, which was filed with the Securities and Exchange Commission, or SEC, on May 29, 2013. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles in the United States have been condensed or omitted pursuant to such SEC rules and regulations. In the opinion of the Company’s management, all adjustments considered necessary for a fair presentation of the accompanying unaudited consolidated financial statements have been included, and all material adjustments are of a normal and recurring nature. Operating results for the interim periods are not necessarily indicative of results that may be expected to occur for the entire fiscal year. Certain reclassifications have been made to the prior year financial statements to conform to the current year presentation.
	Principles of Consolidation
	The consolidated financial statements reflect the accounts of the Company and its direct and indirect subsidiaries: Virtusa (India) Private Limited, Virtusa Consulting Services Private Limited and Virtusa Software Services Private Limited, each organized and located in India; Virtusa (Private) Limited, organized and located in Sri Lanka; Virtusa UK Limited, organized and located in the United Kingdom; Virtusa Securities Corporation, a Massachusetts securities corporation; InSource Holdings, Inc., a company incorporated in the State of Connecticut; InSource LLC, a Connecticut limited liability company located in Connecticut; Virtusa International, B.V., organized and located in the Netherlands; Virtusa Hungary Kft., organized and located in Hungary; Virtusa Germany GmbH, organized and located in Germany; Virtusa Switzerland GmbH, organized and located in Switzerland; Virtusa Singapore Private Limited, organized and located in Singapore; Virtusa Malaysia Private Limited, organized and located in Malaysia; Virtusa Philippines Inc., organized and located in the Philippines and Virtusa Austria GmbH, organized and located in Austria. All intercompany transactions and balances have been eliminated in consolidation.
	Use of Estimates
	The preparation of financial statements in accordance with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, including the recoverability of tangible assets, disclosure of contingent assets and liabilities as of the date of the financial statements, and the reported amounts of revenue and expenses during the reported period. Management re-evaluates these estimates on an ongoing basis. The most significant estimates relate to the recognition of revenue and profits based on the percentage of completion method of accounting for fixed-price contracts, share-based compensation, income taxes, including reserves for uncertain tax positions, deferred taxes and liabilities, intangible assets, contingent consideration and valuation of financial instruments, including derivative contracts and investments. Management bases its estimates on historical experience and on various other factors and assumptions that are believed to be reasonable under the circumstances. The actual amounts may vary from the estimates used in the preparation of the accompanying consolidated financial statements.
	Fair Value of Financial Instruments
	At December 31, 2013 and March 31, 2013, the carrying amounts of the Company’s financial instruments, which included cash and cash equivalents, accounts receivable, unbilled accounts receivable, restricted cash, accounts payable, accrued employee compensation and benefits, contingent consideration, and other accrued expenses, approximate their fair values due to the nature of the items. In addition, investment securities and derivative instruments are also financial instruments. See Note 5 for a discussion of the fair value of the Company’s other financial instruments.

Net_Income_per_Share

Net Income per Share	9 Months Ended
	Dec. 31, 2013
Net Income per Share	'
Net Income per Share	'
	(3) Net Income per Share
	Basic net income per share is computed by dividing net income by the weighted average number of shares of common stock outstanding for the period, and diluted earnings per share is computed by including common stock equivalents outstanding for the period in the denominator. Common stock equivalents include shares issuable upon the exercise of outstanding stock options and stock appreciation rights (“SARs”) and unvested shares of restricted stock and, in the case of options and SARs, net of shares assumed to have been purchased with the proceeds, using the treasury stock method. The following table sets forth the computation of basic and diluted net income per share for the periods set forth below:
		Three Months Ended				Nine Months Ended
		December 31,				December 31,
		2013		2012		2013		2012
	Numerators:
	Net income	$	9,328	$	7,404	$	24,328	$	19,307
	Denominators:
	Weighted average common shares outstanding	25,652,538		24,969,800		25,499,625		24,887,304
	Dilutive effect of employee stock options and unvested restricted stock	874,810		627,143		819,364		633,586
	Dilutive effect of stock appreciation rights	13,334		17,366		14,731		18,609
	Weighted average shares-diluted	26,540,682		25,614,309		26,333,720		25,539,499
	Net income per share-basic	$	0.36	$	0.3	$	0.95	$	0.78
	Net income per share-diluted	$	0.35	$	0.29	$	0.92	$	0.76
	During the three and nine months ended December 31, 2013, options to purchase 28,613 and 100,408 shares of common stock, respectively, were excluded from the calculations of diluted earnings per share as their effect would have been anti-dilutive.
	During the three and nine months ended December 31, 2012, options to purchase 435,161 and 496,686 shares of common stock, respectively, were excluded from the calculations of diluted earnings per share as their effect would have been anti-dilutive.

Investment_Securities

Investment Securities	9 Months Ended
	Dec. 31, 2013
Investment Securities	'
Investment Securities	'
	(4) Investment Securities
	At December 31, 2013 and March 31, 2013, all of the Company’s investment securities were classified as available-for-sale and were carried on its balance sheet at their fair market value. The Company used a fair market value hierarchy based on three levels of inputs used to measure each security (see Note 5).
	The following is a summary of investment securities at December 31, 2013:
		Amortized		Gross		Gross			Fair
		Cost		Unrealized		Unrealized			Value
				Gains		Losses
	Available-for-sale securities:
	Corporate bonds:
	Current	$	7,760	$	4	$	(1	)	$	7,763
	Non-current	7,627		5		(3		)	7,629
	Auction-rate securities:
	Non-current	300		—		—			300
	Municipal bonds:
	Non-current	200		—		(1		)	199
	Agency and short-term notes:
	Current	566		1		—			567
	Time deposits:
	Current	32,436		—		—			32,436
	Total available-for-sale securities	$	48,889	$	10	$	(5	)	$	48,894
	The following is a summary of investment securities at March 31, 2013:
		Amortized		Gross		Gross			Fair
		Cost		Unrealized		Unrealized			Value
				Gains		Losses
	Available-for-sale securities:
	Corporate bonds:
	Current	$	6,846	$	4	$	(2	)	$	6,848
	Non-current	6,246		3		(7		)	6,242
	Auction-rate securities:
	Non-current	900		—		(7		)	893
	Agency and short-term notes:
	Non-current	1,184		—		—			1,184
	Time deposits:
	Current	22,604		—		—			22,604
	Total available-for-sale securities	$	37,780	$	7	$	(16	)	$	37,771
	The Company evaluates investments with unrealized losses to determine if the losses are other than temporary. The Company has determined that the gross unrealized losses at December 31, 2013 and March 31, 2013 are temporary. In making this determination, the Company considered the financial condition, credit ratings and near-term prospects of the issuers, the underlying collateral of the investments, and the magnitude of the losses as compared to the cost and the length of time the investments have been in an unrealized loss position. Additionally, while the Company classifies the securities as available for sale, the Company does not currently intend to sell such investments and it is more likely than not that the Company will not be required to sell such investments prior to the recovery of their carrying value, except as disclosed in Note 5.

Fair_Value_of_Financial_Instru

Fair Value of Financial Instruments	9 Months Ended
	Dec. 31, 2013
Fair Value of Financial Instruments	'
Fair Value of Financial Instruments	'
	(5) Fair Value of Financial Instruments
	The Company uses a framework for measuring fair value under U.S. generally accepted accounting principles and enhanced disclosures about fair value measurements. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. The Company’s financial assets and liabilities reflected in the consolidated financial statements at carrying value include marketable securities and other financial instruments which approximate fair value. Fair value for marketable securities is determined using a market approach based on quoted market prices at period end in active markets. The fair value hierarchy is based on three levels of inputs, of which the first two are considered observable and the last unobservable, that may be used to measure fair value which are the following:
	·                  Level 1—Quoted prices in active markets for identical assets or liabilities.
	·                  Level 2—Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.
	·                  Level 3—Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.
	The following table summarizes the Company’s financial assets and liabilities measured at fair value on a recurring basis at December 31, 2013:
		Level 1			Level 2		Level 3		Total
	Assets:
	Investments:
	Available-for-sales securities—current	$	—		$	40,766	$	—	$	40,766
	Available-for-sales securities—non-current	—			7,828		300		8,128
	Total assets	$	—		$	48,594	$	300	$	48,894
	Liabilities:
	Foreign currency derivative contracts	$	—		$	12,988	$	—	$	12,988
	Contingent consideration	—			—		3,781		3,781
	Total liabilities	$	—		$	12,988	$	3,781	$	16,769
	The Company’s investments in auction-rate securities (see Note 4), which are listed in the table above under the column “Level 3” under “Investments: Available-for-sale securities—non-current”, are classified within Level 3 because there are currently no active markets or observable market prices. Therefore, the auction-rate securities were valued primarily based on an income approach using an estimate of future cash flows. The Company has estimated the fair value using a discounted cash flow analysis which considered the following key inputs: (i) the underlying structure and maturity of each security; (ii) the timing of expected future principal and interest payments; and (iii) discount rates that are believed to reflect current market conditions and the relevant risk associated with each security. The underlying assets of these auction-rate securities are generally student loans which are substantially backed by the U.S. federal government. In February 2008, auctions began to fail for these securities and each auction since then has failed. The Company classifies its investment in auction-rate securities as long-term investments, reflecting the fact that the Company’s auction-rate securities have underlying final maturities of greater than one year.
	The following table provides a summary of changes in fair value of the Company’s Level 3 financial assets at December 31, 2013:
		Level 3
		Assets
	Balance at April 1, 2013	$	893
	Auction-rate securities redeemed at par	(600		)
	Total unrealized gains:
	Included in accumulated other comprehensive income	7
	Balance at December 31, 2013	$	300
	The Company determines the fair value of the contingent consideration related to the Company’s acquisition of the business and assets of OSB Consulting LLC, a New Jersey limited liability company (“OSB”), which was completed on November 1, 2013, based on the probability of OSB achieving certain revenue and operating margin targets for the five months ending March 31, 2014, the nine months ending December 31, 2014 and the twelve months ending December 31, 2015 using an appropriate discount rate to arrive at the present value of the liability. The following table provides a summary of changes in fair value of the Company’s Level 3 financial liabilities as of December 31, 2013 (See Note 7 of the notes to our financial statements included herein for a description of OSB acquisition):
		Level 3
		Liabilities
	Balance at April 1, 2013	$	—
	Contingent consideration for the OSB acquisition	3,660
	Recognized in earnings	121
	Balance at December 31, 2013	$	3,781

Derivative_Financial_Instrumen

Derivative Financial Instruments	9 Months Ended
	Dec. 31, 2013
Derivative Financial Instruments	'
Derivative Financial Instruments	'
	(6) Derivative Financial Instruments
	The Company evaluates its foreign exchange policy on an ongoing basis to assess its ability to address foreign exchange exposures on its consolidated balance sheets, statements of income and consolidated statement of cash flows from foreign currencies, including most significantly, the U.K. pound sterling, the Indian rupee and the Sri Lankan rupee. The Company enters into hedging contracts in accordance with its foreign exchange policy (as approved by the Company’s audit committee and board of directors) which permits hedging of material, known foreign currency exposures. Currently, the Company maintains three hedging programs, each with varying contract types, durations and purposes. The Company’s “Cash Flow Program” is designed to mitigate the impact of volatility in the U.S. dollar and U.K. pound sterling equivalent of the Company’s Indian rupee denominated expenses over a rolling 36-month period. The Cash Flow Program transactions currently meet the criteria for hedge accounting as cash flow hedges. The Company’s “Balance Sheet Program” involves the use of 30-day derivative instruments designed to mitigate the monthly impact of foreign exchange gains/losses on certain intercompany balances and payments. The Company’s “U.K. Revenue and Cost Program” involves the purchase of derivative instruments with maturities of up to 92 days and is designed to mitigate the impact of foreign exchange on U.K. pound sterling denominated revenue and costs in the quarter in which such instruments are purchased. The Company’s Balance Sheet Program and U.K. Revenue and Cost Program do not meet the criteria for hedge accounting. All gains and losses are recognized in consolidated statement of income under the same line item as the underlying exposure being hedged.
	The Company evaluates all of its derivatives based on market observable inputs, including both forward and spot prices for currencies. Any significant change in the forward or spot prices for hedged currencies would have a significant impact on the value of the Company’s derivatives.  Changes in fair value of the designated cash flow hedges for the Company’s Cash Flow Program are recorded as a component of accumulated other comprehensive income (loss) (“AOCI”), net of tax, until the forecasted hedged transactions occur and are then recognized in the consolidated statement of income in the same line item as the item being hedged. The Company evaluates hedge effectiveness at the time a contract is entered into, as well as on an ongoing basis.  If, and when, all or part of a hedge relationship is discontinued because the forecasted transaction is deemed probable of not occurring by the end of the originally specified period or within an additional two-month period of time thereafter, the contract, or the relative amount of the contract, is deemed “ineffective” and any related derivative amounts recorded in equity are reclassified to earnings. There were no gains (losses) that were reclassified from AOCI into earnings as a result of forecasted transactions that were considered probable of not occurring for the nine month periods ended December 31, 2013 and 2012.
	Changes in the fair value of the derivatives purchased under the Balance Sheet Program are reflected in the Company’s consolidated statement of income and are included in foreign currency transaction gains (losses) for each period.  Changes in the fair value of the derivatives purchased under the U.K. Revenue and Cost Program are also reflected in the Company’s consolidated statement of income and are included in the same line item as the underlying exposure being hedged for each period.
	The U.S. dollar notional equivalent market value, which consists of the notional value and net unrealized gain or loss, of all outstanding foreign currency derivative contracts, was $94,703 and $96,630, at December 31, 2013 and March 31, 2013, respectively. Unrealized net losses related to these contracts which are expected to be reclassified from AOCI to earnings during the next 12 months were $7,750 at December 31, 2013. At December 31, 2013, the maximum outstanding term of any derivative instrument was 33 months.
	The following table sets forth the fair value of derivative instruments included in the consolidated balance sheets at December 31, 2013 and March 31, 2013:
	Derivatives designated as hedging instruments
		December 31, 2013			March 31, 2013
	Foreign currency exchange contracts:
	Other current assets	$	—		$	884
	Other long-term assets	$	—		$	415
	Accrued expenses and other current liabilities	$	7,750		$	2,142
	Long-term liabilities	$	5,238		$	946
	The following tables set forth the effect of the Company’s foreign currency exchange contracts on the consolidated financial statements of the Company for the three and nine months ended December 31, 2013 and 2012:
		Amount of Gain or (Loss) Recognized in AOCI on Derivatives
		(Effective Portion)
	Derivatives Designated as Cash Flow	Three Months Ended December 31,						Nine Months Ended December 31,
	Hedging Relationships	2013			2012			2013			2012
	Foreign currency exchange contracts	$	1,167		$	(2,951	)	$	(15,798	)	$	(4,789	)
	Location of Gain or (Loss) Reclassified	Amount of Gain or (Loss) Reclassified from AOCI into Income
		(Effective Portion)
	from AOCI into Income (Effective	Three Months Ended December 31,						Nine Months Ended December 31,
	Portion)	2013			2012			2013			2012
	Costs of revenue	$	(780	)	$	(1,080	)	$	(2,839	)	$	(3,890	)
	Operating expenses	$	(471	)	$	(583	)	$	(1,760	)	$	(2,126	)
				Amount of Gain or (Loss) Recognized in Income on Derivatives
	Derivatives not Designated	Location of Gain or (Loss)		Three Months Ended						Nine Months Ended
				December 31,						December 31,
	as Hedging Instrument	Recognized in Income on Derivatives		2013			2012			2013			2012
	Foreign currency exchange contracts	Foreign currency transaction gains (losses)		$	420		$	(429	)	$	(3,034	)	$	(904	)
		Revenue		$	(74	)	$	(23	)	$	(555	)	$	(172	)
		Costs of revenue		$	30		$	14		$	214		$	119
		Selling, general and administrative expenses		$	3		$	—		$	23		$	11

Acquisitions

Acquisitions	9 Months Ended
	Dec. 31, 2013
Acquisitions	'
Acquisitions	'
	(7) Acquisitions
	On November 1, 2013, the Company acquired the business and assets of OSB pursuant to an Asset Purchase Agreement (the “Asset Purchase Agreement”) by and among  OSB and the sole member of OSB, dated as of November 1, 2013.  The acquisition of OSB extends the Company’s service offerings to include a broader set of finance transformation services in the financial services and insurance domains, to existing and new clients, including service offerings targeted to enable clients to automate their finance and accounting processes, reporting capabilities, including SAP based capabilities, and regulatory compliance programs.
	The purchase price was $6,840 in cash. Ten percent of the purchase price is subject to a hold back by the Company for a period of 12 months as security for the sellers’ indemnification obligations under the Asset Purchase Agreement. The purchase price is subject to adjustment after the closing of up to an additional $6,000 in earn-out consideration, in the aggregate, upon the achievement of certain revenue and operating margin targets for the five months ending March 31, 2014, the nine months ending December 31, 2014 and the twelve months ending December 31, 2015.  The fair value of the contingent consideration at December 31, 2013 is $3,781.
	Under the terms of the Asset Purchase Agreement, the Company agreed to offer employment to all of the employees of OSB, including certain key employees and the sole member of OSB.
	There are no material relationships between the Company or any of its affiliates and any of the parties to the Asset Purchase Agreement and related agreements, other than with respect to such agreements themselves.
	A summary of the purchase price allocation for OSB is as follows:
		Amount
	Consideration Transferred:
	Cash paid at closing	$	6,156
	Holdback of 10%	684
	Fair value of contingent consideration	3,660
	Total purchase price	$	10,500
	Acquisition-related costs	$	50
	Purchase Price Allocation
	Customer relationships	$	5,180
	Goodwill	5,320
	Total purchase price	$	10,500

Goodwill_and_Intangible_Assets

Goodwill and Intangible Assets	9 Months Ended
	Dec. 31, 2013
Goodwill and Intangible Assets	'
Goodwill and Intangible Assets	'
	(8) Goodwill and Intangible Assets
	Goodwill
	The following are details of the changes in goodwill balance at December 31, 2013:
		Amount
	Balance at April 1, 2013	$	35,472
	Goodwill arising from OSB acquisition	5,320
	Balance at December 31, 2013	$	40,792
	The goodwill balance at December 31, 2013 includes the purchase of the business and assets of OSB on November 1, 2013, the purchase of substantially all the assets of ALaS Consulting LLC on July 1, 2011, the purchase of substantially all the assets of ConVista Consulting LLC on February 1, 2010 and the acquisition of InSource Holdings, Inc. and its subsidiaries on November 4, 2009.  The acquisition costs and goodwill balance are deductible for tax purposes in the amount of $41,834.
	The Company performed the annual assessment of its goodwill during the fourth quarter of the fiscal year ended March 31, 2013 and determined that the estimated fair value of the Company’s reporting unit exceeded its carrying value and therefore, goodwill was not impaired. The Company will continue to conduct a goodwill impairment analysis at least annually during the fourth quarter of each ensuing fiscal year. The Company will continue to evaluate whether events or circumstances have occurred that indicate that the estimated remaining useful life of its long-lived assets, including intangible assets, may warrant revision or that the carrying value of these assets may be impaired. Any write downs are treated as permanent reductions in the carrying amount of the assets.
	Intangible Assets
	The following are details of the Company’s intangible asset carrying amounts and accumulated amortization at December 31, 2013:
		Weighted Average		Gross Carrying		Accumulated		Net Carrying
		Useful Life		Amount		Amortization		Amount
	Amortizable intangible assets:
	Customer relationships	9.2		$	27,083	$	8,167	$	18,916
	Partner relationships	6.5		700		457		243
		8.4		$	27,783	$	8,624	$	19,159

Income_Taxes

Income Taxes	9 Months Ended
	Dec. 31, 2013
Income Taxes	'
Income Taxes	'
	(9) Income Taxes
	The Company’s effective tax rate was 24.5% and 24.7% for the three and nine months ended December 31, 2013, as compared to an effective tax rate of 23.8% and 24.3% for the three and nine months ended December 31, 2012. The increase in the effective tax rate for three months ended December 31, 2013 was primarily due to the partial expiration of certain special economic zone (“SEZ”) tax holidays, partially offset by savings generated from new SEZ tax holiday incentives located in Bangalore and Pune, India.  The marginal increase in the effective tax rate for the nine months ended December 31, 2013 was due to the partial expiration of certain SEZ tax holidays, partially offset by tax benefits generated from new SEZ tax holiday incentives located in Bangalore and Pune, India and effective for the fiscal year ending March 31, 2014, as well as a discrete tax benefit in the United Kingdom recognized in the three month period ended December 31, 2013.
	One of the Company’s Indian subsidiaries, Virtusa (India) Private Limited (“Virtusa India”), is an export oriented company.  The Indian Income Tax Act of 1961 entitles taxpayers to claim tax exemption for a period of ten consecutive years for each software technology park (“STP”) that it operates.  Virtusa India operates two STPs, one in Chennai and one in Hyderabad, India.  The STP tax holiday in Hyderabad, India expired on March 31, 2010 and the STP tax holiday in Chennai, India expired on March 31, 2011.  For the three and nine months ended December 31, 2013 and 2012, all profits in the STPs in Hyderabad and Chennai, India were fully taxable at the Indian statutory tax rate of 34% and 32.5%, respectively.  In anticipation of, and to mitigate the impact of, the phase-out of the STP tax holidays in Hyderabad and Chennai, India, the Company located new Indian operations in areas designated as a SEZ under the SEZ Act of 2005 through two operating subsidiaries, Virtusa Software Services Private Limited and Virtusa Consulting Services Private Limited. The Company’s profits from its SEZ operations are eligible for certain additional income tax exemptions for a period of up to 15 years based on export income.
	In addition, the Company’s Sri Lankan subsidiary, Virtusa (Private) Limited, is operating under a 12-year income tax holiday arrangement that is set to expire on March 31, 2019 and required Virtusa (Private) Limited to meet certain job creation and investment criteria by March 31, 2013.  During the fiscal year ended March 31, 2013, the Company believed it had fulfilled its hiring and investment commitments and is eligible for tax holiday benefits through March 2019.  On June 11, 2013, the Sri Lankan Board of Investment (“BOI”) certified that the Company had met required hiring and investment commitments to receive tax benefits for the fiscal year ended March 31, 2013.  Recent correspondence received from the BOI identified certain jobs that did not meet the job creation criteria but provided the Company an additional period through March 31, 2014 to meet the job incentive criteria.  The Company has added additional employees during the nine months ended December 31, 2013 and believes it will continue to meet the job creation target.  At December 31, 2013, the Company believes it will be eligible for the entire 12-year tax holiday.  The current agreement provides income tax exemption for all export business income. The BOI requires the Company to maintain such job additions and receive annual certifications in order to receive future benefits.
	The Company’s effective income tax rate is based on the composition of estimated income in different jurisdictions, including those where the Company is enjoying tax holidays, and adjustments, if any, in the applicable quarterly periods, for unrecognized tax benefits for uncertain income tax positions or other discrete items required to be reported during interim periods. The Company’s aggregate income tax rate in foreign jurisdictions is lower than its income tax rate in the United States due primarily to lower rates generally in jurisdictions in which the Company operates and tax holidays.
	Unrecognized tax benefits represent uncertain tax positions for which the Company has established reserves. At December 31, 2013 and March 31, 2013, the total liability for unrecognized tax benefits was $950 and $4,823, respectively, of which, a portion would impact the annual effective rate, if realized.  Each fiscal year, unrecognized tax benefits may be adjusted upon the closing of the statute of limitations for income tax returns filed in various jurisdictions. During the nine months ended December 31, 2013, the unrecognized tax benefits decreased by $3,873.  The decrease in the unrecognized tax benefits during the nine months ended December 31, 2013 is due to the Company’s filing of a change in accounting method for tax purposes requiring presentation as a deferred tax liability.  The decrease in unrecognized tax benefits had no impact on the Company’s consolidated statement of operations.
	The Company files U.S. federal income tax returns, as well as income tax returns, in various states and foreign jurisdictions.  Recently, the IRS conducted a routine audit of the Company’s fiscal years 2008 to 2011, pursuant to which the IRS made certain assessments.  In connection with the audit, during the fourth quarter of fiscal year 2013, the Company executed a settlement arrangement with the IRS for all periods under audit to close out the audit. The Company had fully accrued for all such assessments and the settlement impact on the Company’s financial statements is properly reflected at December 31, 2013.
	The Company’s U.S. tax return for fiscal year 2012 is currently under examination. In addition, tax returns for various fiscal years are under examination by tax authorities of foreign jurisdictions. Currently, several issues are at various levels of appeal with the Indian tax authorities or tribunal court and Court of Appeals in India and Sri Lanka respectively. While it is difficult to predict the final outcome, the Company believes its reserves represent the most likely outcome and continues to evaluate all tax return positions periodically.
	Undistributed Earnings of Foreign Subsidiaries
	A substantial amount of the Company’s income before provision for income tax is from profits earned in its Indian and Sri Lankan subsidiaries subject to tax holiday. The Company intends to use accumulated and future earnings of foreign subsidiaries to expand operations outside the United States and accordingly, undistributed income is considered to be indefinitely reinvested. The Company does not provide for U.S. income taxes on foreign earnings.  At December 31, 2013, the Company had $152,255 of unremitted earnings from foreign subsidiaries and approximately $102,110 of cash and short-term investments that would otherwise be available for potential distribution, if not indefinitely reinvested.  Due to the various methods by which such earnings could be repatriated in the future, the amount of taxes attributable to the undistributed earnings is not practicably determinable.

Concentration_of_Revenue_and_A

Concentration of Revenue and Assets	9 Months Ended
	Dec. 31, 2013
Concentration of Revenue and Assets	'
Concentration of Revenue and Assets	'
	(10) Concentration of Revenue and Assets
	Total revenue is attributed to geographic areas based on location of the client. Long-lived assets represent property, plant and equipment, intangible assets and goodwill, net of accumulated depreciation and amortization, and are attributed to geographic area based on their location. Geographic information is summarized as follows:
		Three Months Ended						Nine Months Ended
		December 31,						December 31,
		2013			2012			2013		2012
	Client revenue:
	North America	$	70,510		$	65,035		$	205,547	$	188,170
	Europe	24,895			16,870			64,686		44,052
	Rest of world	5,638			4,569			15,600		11,004
	Consolidated revenue	$	101,043		$	86,474		$	285,833	$	243,226
		December 31,			March 31,
		2013			2013
	Long-lived assets, net of accumulated depreciation and amortization:
	United States	$	62,174		$	53,228
	Asia	30,938			34,367
	Europe	885			344
	Consolidated long-lived assets, net	$	93,997		$	87,939
	Revenue from significant clients as a percentage of the Company’s consolidated revenue was as follows:
		Three Months Ended				Nine Months Ended
		December 31,				December 31,
		2013		2012		2013		2012
	Customer 1	13.1	%	15.3	%	13.4	%	13.2	%
	Customer 2	7.9	%	13.7	%	10.3	%	14.5	%
	Customer 3	13.3	%	10.7	%	12.4	%	10.1	%

Debt

Debt	9 Months Ended
	Dec. 31, 2013
Debt	'
Debt	'
	(11) Debt
	On December 31, 2013, the Company entered into an amended and restated credit agreement with JPMorgan Chase Bank, N.A. (“JPM”). The credit agreement amended and restated the Company’s $3,000 secured revolving credit agreement with JPM and provides for a $25,000 secured revolving credit facility, which shall be available to fund working capital and other corporate purposes, as well as to serve as security in support of the Company’s foreign currency hedging programs.  The credit agreement contains financial covenants that require the Company to maintain a Funded Debt to Adjusted EBITDA Ratio of not more than 2.00 to 1.00 and a Fixed Charge Coverage Ratio of less than 2.50 to 1.00, each as determined for the trailing twelve month period ending on each fiscal quarter.  The Company is currently in compliance with all covenants contained in the credit agreement and believes that the credit agreement provides sufficient flexibility to enable continued compliance with its terms. Interest under this credit facility accrues at a rate between LIBOR plus 1.5% and LIBOR plus 1.75% based on the Company’s ratio of indebtedness to Adjusted EBITDA.  Based on this ratio, the interest rate at December 31, 2013 under the credit facility was 1.6875%. The term of the credit facility is five years, ending December 31, 2018.  This facility replaces the Company’s existing $3,000 line of credit with JPM.  At December 31, 2013, the outstanding borrowings under the credit facility were $20,000. On January 14, 2014, the Company repaid the $20.0 million in outstanding borrowings from the net proceeds of the underwritten public offering of its 2,645,000 shares common stock.
	Beginning in fiscal 2009, the Company’s U.K. subsidiary entered into an agreement with a financial institution to sell, without recourse, certain of its Europe-based accounts receivable balances to the financial institution. During the nine months ended December 31, 2013, $19,443 of receivables was sold under the terms of the financing agreement. Fees paid pursuant to this agreement were immaterial during the three and nine months ended December 31, 2013. No amounts were outstanding under the financing agreement at December 31, 2013, but the Company may elect to use this program again in future periods. However, the Company cannot provide any assurances that this or any other financing facilities will be available or used in the future.

Pensions_and_postretirement_be

Pensions and post-retirement benefits	9 Months Ended
	Dec. 31, 2013
Pensions and post-retirement benefits	'
Pensions and post-retirement benefits	'
	(12) Pensions and post-retirement benefits
	The Company has noncontributory defined benefit plans covering its employees in India and Sri Lanka as mandated by the Indian and Sri Lankan governments.  The following tables provide information regarding pension expense recognized:
		Three Months Ended						Nine Months Ended
		December 31,						December 31,
		2013			2012			2013			2012
	Components of net periodic pension cost
	Service cost	$	129		$	114		$	397		$	340
	Interest cost	56			45			160			134
	Expected return on plan assets	(58		)	(47		)	(164		)	(141		)
	Amortization past service cost	2			1			8			9
	Amortization of actuarial loss	22			1			68			4
	Net periodic pension cost	$	151		$	114		$	469		$	346
	The Company expects to contribute approximately $1,036 in cash to the pension plans during the fiscal year ending March 31, 2014. During the nine months ended December 31, 2013, the Company made cash contributions of $411 towards its plan for the fiscal year ended March 31, 2013 and $331 towards the plan for the fiscal year ended March 31, 2014.

Accumulated_Other_Comprehensiv

Accumulated Other Comprehensive Loss	9 Months Ended
	Dec. 31, 2013
Accumulated Other Comprehensive Loss	'
Accumulated Other Comprehensive Loss	'
	(13) Accumulated Other Comprehensive Loss
	Accumulated Other Comprehensive Income (Loss)	Three Months Ended						Nine Months Ended
		December 31,						December 31,
	(In thousands, except per share amounts)	2013			2012			2013			2012
	Investment securities
	Beginning balance	$	—		$	5		$	(3	)	$	(8	)
	Other comprehensive income (loss) (OCI) before reclassifications net of tax of $0 for all periods	9			(8		)	12			5
	Reclassifications from OCI to other income — net of tax of $0 for all periods	—			—			—			—
	Comprehensive income (loss) on investment securities, net of tax of $0 for all periods	9			(8		)	12			5
	Closing Balance	$	9		$	(3	)	$	9		$	(3	)
	Currency translation adjustments
	Beginning balance	$	(27,846	)	$	(14,444	)	$	(16,918	)	$	(13,109	)
	Recognized in OCI	2,099			(2,163		)	(8,829		)	(3,498		)
	Closing balance	$	(25,747	)	$	(16,607	)	$	(25,747	)	$	(16,607	)
	Cash flow hedges
	Beginning balance	$	(10,305	)	$	(2,722	)	$	(1,013	)	$	(4,524	)
	OCI before reclassifications net of tax of $(488), $753, $5,046, and $1,184	680			(2,198		)	(10,751		)	(3,606		)
	Reclassifications from OCI to
	- Costs of revenue, net of tax of $(223), $(265), $(978) and $(1,002)	557			815			1,860			2,888
	- Selling, general and administrative expenses, net of tax of $(153), $(143), $(607) and $(550)	318			440			1,154			1,577
	Comprehensive income (loss) on cash flow hedges, net of tax of $(864), $345, $3,461 and $(368)	1,555			(943		)	(7,737		)	859
	Closing balance	$	(8,750	)	$	(3,665	)	$	(8,750	)	$	(3,665	)
	Benefit plans
	Beginning balance	$	(637	)	$	(718	)	$	(780	)	$	(702	)
	Reclassifications from OCI for prior service credit (cost) to:
	- Costs of revenue, net of tax of $0 for all periods	2			2			6			6
	- Selling, general and administrative expenses, net of tax of $0 for all periods	—			1			2			2
	Reclassifications from OCI for net actuarial gain (loss) amortization to:
	- Costs of revenue, net of tax of $0 for all periods	18			(5		)	53			(20		)
	- Selling, general and administrative expenses, net of tax of $0 for all periods	5			(2		)	16			(8		)
	Other adjustments	(12		)	2			79			2
	Comprehensive income (loss) on benefit plans, net of tax of $0 for all periods	13			(2		)	156			(18		)
	Closing balance	$	(624	)	$	(720	)	$	(624	)	$	(720	)
	Accumulated other comprehensive income (loss) at December 31, 2013	$	(35,112	)	$	(20,995	)	$	(35,112	)	$	(20,995	)

Subsequent_Events

Subsequent Events	9 Months Ended
	Dec. 31, 2013
Subsequent Events	'
Subsequent Events	'
	(14) Subsequent Events
	On January 29, 2014, the Company purchased multiple foreign currency forward contracts designed to hedge fluctuation in the Indian rupee against the U.S. dollar and U.K. pound sterling. The U.S dollar contracts have an aggregate notional amount of approximately 636,972 Indian rupees (approximately $ 9,235) and have an average settlement rate of 69.05 Indian rupees. The U.K. pound sterling contracts have an aggregate notional amount of approximately 505,245 Indian rupees (approximately £4,469) and have an average settlement rate of 113.45 Indian rupees. These contracts will expire at various dates during the 36 month period ending on December 31, 2016.
	On January 14, 2014, the Company completed a public offering of 2,645,000 shares of its common stock for net proceeds of approximately $86,200 after deducting commissions and transaction expenses and after giving effect to the reimbursement of certain transactional expenses for which the underwriters have agreed to reimburse the Company.  The approximate net proceeds also include the exercise in full of a 30-day over-allotment option which the Company granted to the underwriters to purchase an additional 345,000 shares.  The Company used these proceeds from the offering in part to repay all of the outstanding borrowings of $20,000 under the Company’s new revolving credit facility with JPM entered into on December 31, 2013.  The remaining proceeds will be used for general corporate purposes, which may include, among other things, financing of possible acquisitions, working capital and/or capital expenditures, including facilities expansion.
	On January 10, 2014, the Company purchased multiple foreign currency forward contracts designed to hedge fluctuation in the U.K. pound sterling against the U.S. dollar. The contracts have an aggregate notional amount of approximately £6,095 (approximately $9,980) and will expire on various dates during the period ending March 31, 2014. The weighted average U.K. pound sterling settlement rate associated with these contracts is approximately $1.637.
	On January 8, 2014, the Company purchased multiple foreign currency forward contracts designed to hedge fluctuation in the Swedish Krona (“SEK”) against the U.S. dollar. The contracts have an aggregate notional amount of approximately SEK 5,200 (approximately $785) and will expire on various dates during the period ending March 31, 2014. The weighted average SEK settlement rate associated with these contracts is approximately $ 0.151.
	On January 2, 2014, Virtusa International B.V., a wholly owned subsidiary of the Company organized and formed in the Netherlands (“Virtusa BV”) acquired all of the outstanding shares of TradeTech Consulting Scandinavia AB, a company incorporated and organized under the laws of Sweden (“TradeTech”), and its subsidiaries (together with TradeTech, the “TradeTech Group”), pursuant to a share purchase agreement (the “Share Purchase Agreement”) by and among Virtusa BV and the shareholders of TradeTech (the “TradeTech Shareholders”), dated as of January 2, 2014.  The acquisition is intended to expand the Company’s position within the banking, financial services and insurance industries by increasing its asset management and treasury services domain and technology expertise, as well as expanding the Company’s global presence into the Nordics.
	Under the terms of the Share Purchase Agreement, Virtusa BV acquired all the outstanding shares of TradeTech for approximately $20,000 in cash, as well as up to approximately $4,000 in earn-out consideration subject to the TradeTech Group’s achievement of certain revenue and EBITDA targets for the 12-month period ending December 31, 2014.  Under the terms of the Share Purchase Agreement, 12.5% of the purchase price paid at closing was also held back and placed into escrow by the Company for a period of 12 months as security for the indemnification obligations of the TradeTech Shareholders.  The Company has also agreed to issue an aggregate of up to $2,000 in deferred restricted stock awards from the Company’s stock option and incentive plan, not to exceed an aggregate of 65,000 shares, to certain of these new TradeTech Group employees.  The shares will vest annually over a five year period.

Unaudited_Interim_Financial_In1

Unaudited Interim Financial Information (Policies)	9 Months Ended
	Dec. 31, 2013
Unaudited Interim Financial Information	'
Basis of Presentation	'
	Basis of Presentation
	The accompanying unaudited consolidated financial statements have been prepared by the Company in accordance with U.S. generally accepted accounting principles and Article 10 of Regulation S-X under the Securities and Exchange Act of 1934, as amended, and should be read in conjunction with the Company’s audited consolidated financial statements (and notes thereto) for the fiscal year ended March 31, 2013 included in the Company’s Annual Report on Form 10-K, which was filed with the Securities and Exchange Commission, or SEC, on May 29, 2013. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles in the United States have been condensed or omitted pursuant to such SEC rules and regulations. In the opinion of the Company’s management, all adjustments considered necessary for a fair presentation of the accompanying unaudited consolidated financial statements have been included, and all material adjustments are of a normal and recurring nature. Operating results for the interim periods are not necessarily indicative of results that may be expected to occur for the entire fiscal year. Certain reclassifications have been made to the prior year financial statements to conform to the current year presentation.
Principles of Consolidation	'
	Principles of Consolidation
	The consolidated financial statements reflect the accounts of the Company and its direct and indirect subsidiaries: Virtusa (India) Private Limited, Virtusa Consulting Services Private Limited and Virtusa Software Services Private Limited, each organized and located in India; Virtusa (Private) Limited, organized and located in Sri Lanka; Virtusa UK Limited, organized and located in the United Kingdom; Virtusa Securities Corporation, a Massachusetts securities corporation; InSource Holdings, Inc., a company incorporated in the State of Connecticut; InSource LLC, a Connecticut limited liability company located in Connecticut; Virtusa International, B.V., organized and located in the Netherlands; Virtusa Hungary Kft., organized and located in Hungary; Virtusa Germany GmbH, organized and located in Germany; Virtusa Switzerland GmbH, organized and located in Switzerland; Virtusa Singapore Private Limited, organized and located in Singapore; Virtusa Malaysia Private Limited, organized and located in Malaysia; Virtusa Philippines Inc., organized and located in the Philippines and Virtusa Austria GmbH, organized and located in Austria. All intercompany transactions and balances have been eliminated in consolidation.
Use of Estimates	'
	Use of Estimates
	The preparation of financial statements in accordance with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, including the recoverability of tangible assets, disclosure of contingent assets and liabilities as of the date of the financial statements, and the reported amounts of revenue and expenses during the reported period. Management re-evaluates these estimates on an ongoing basis. The most significant estimates relate to the recognition of revenue and profits based on the percentage of completion method of accounting for fixed-price contracts, share-based compensation, income taxes, including reserves for uncertain tax positions, deferred taxes and liabilities, intangible assets, contingent consideration and valuation of financial instruments, including derivative contracts and investments. Management bases its estimates on historical experience and on various other factors and assumptions that are believed to be reasonable under the circumstances. The actual amounts may vary from the estimates used in the preparation of the accompanying consolidated financial statements.
Fair Value of Financial Instruments	'
	Fair Value of Financial Instruments
	At December 31, 2013 and March 31, 2013, the carrying amounts of the Company’s financial instruments, which included cash and cash equivalents, accounts receivable, unbilled accounts receivable, restricted cash, accounts payable, accrued employee compensation and benefits, contingent consideration, and other accrued expenses, approximate their fair values due to the nature of the items. In addition, investment securities and derivative instruments are also financial instruments. See Note 5 for a discussion of the fair value of the Company’s other financial instruments.

Net_Income_per_Share_Tables

Net Income per Share (Tables)	9 Months Ended
	Dec. 31, 2013
Net Income per Share	'
Schedule of computation of basic and diluted net income per share	'
		Three Months Ended				Nine Months Ended
		December 31,				December 31,
		2013		2012		2013		2012
	Numerators:
	Net income	$	9,328	$	7,404	$	24,328	$	19,307
	Denominators:
	Weighted average common shares outstanding	25,652,538		24,969,800		25,499,625		24,887,304
	Dilutive effect of employee stock options and unvested restricted stock	874,810		627,143		819,364		633,586
	Dilutive effect of stock appreciation rights	13,334		17,366		14,731		18,609
	Weighted average shares-diluted	26,540,682		25,614,309		26,333,720		25,539,499
	Net income per share-basic	$	0.36	$	0.3	$	0.95	$	0.78
	Net income per share-diluted	$	0.35	$	0.29	$	0.92	$	0.76

Investment_Securities_Tables

Investment Securities (Tables)	9 Months Ended
	Dec. 31, 2013
Investment Securities	'
Schedule of investment securities	'
	The following is a summary of investment securities at December 31, 2013:
		Amortized		Gross		Gross			Fair
		Cost		Unrealized		Unrealized			Value
				Gains		Losses
	Available-for-sale securities:
	Corporate bonds:
	Current	$	7,760	$	4	$	(1	)	$	7,763
	Non-current	7,627		5		(3		)	7,629
	Auction-rate securities:
	Non-current	300		—		—			300
	Municipal bonds:
	Non-current	200		—		(1		)	199
	Agency and short-term notes:
	Current	566		1		—			567
	Time deposits:
	Current	32,436		—		—			32,436
	Total available-for-sale securities	$	48,889	$	10	$	(5	)	$	48,894
	The following is a summary of investment securities at March 31, 2013:
		Amortized		Gross		Gross			Fair
		Cost		Unrealized		Unrealized			Value
				Gains		Losses
	Available-for-sale securities:
	Corporate bonds:
	Current	$	6,846	$	4	$	(2	)	$	6,848
	Non-current	6,246		3		(7		)	6,242
	Auction-rate securities:
	Non-current	900		—		(7		)	893
	Agency and short-term notes:
	Non-current	1,184		—		—			1,184
	Time deposits:
	Current	22,604		—		—			22,604
	Total available-for-sale securities	$	37,780	$	7	$	(16	)	$	37,771

Fair_Value_of_Financial_Instru1

Fair Value of Financial Instruments (Tables)	9 Months Ended
	Dec. 31, 2013
Fair Value of Financial Instruments	'
Schedule of financial assets and liabilities measured at fair value on a recurring basis	'
		Level 1			Level 2		Level 3		Total
	Assets:
	Investments:
	Available-for-sales securities—current	$	—		$	40,766	$	—	$	40,766
	Available-for-sales securities—non-current	—			7,828		300		8,128
	Total assets	$	—		$	48,594	$	300	$	48,894
	Liabilities:
	Foreign currency derivative contracts	$	—		$	12,988	$	—	$	12,988
	Contingent consideration	—			—		3,781		3,781
	Total liabilities	$	—		$	12,988	$	3,781	$	16,769
Schedule of changes in fair value of Level 3 financial assets	'
		Level 3
		Assets
	Balance at April 1, 2013	$	893
	Auction-rate securities redeemed at par	(600		)
	Total unrealized gains:
	Included in accumulated other comprehensive income	7
	Balance at December 31, 2013	$	300
Schedule of changes in fair value of the Company's Level 3 financial liabilities	'
		Level 3
		Liabilities
	Balance at April 1, 2013	$	—
	Contingent consideration for the OSB acquisition	3,660
	Recognized in earnings	121
	Balance at December 31, 2013	$	3,781

Derivative_Financial_Instrumen1

Derivative Financial Instruments (Tables)	9 Months Ended
	Dec. 31, 2013
Derivative Financial Instruments	'
Schedule of fair value of derivative instruments included in the consolidated balance sheets	'
		December 31, 2013			March 31, 2013
	Foreign currency exchange contracts:
	Other current assets	$	—		$	884
	Other long-term assets	$	—		$	415
	Accrued expenses and other current liabilities	$	7,750		$	2,142
	Long-term liabilities	$	5,238		$	946
Schedule of effect of the foreign currency exchange contracts on the consolidated financial statements	'
		Amount of Gain or (Loss) Recognized in AOCI on Derivatives
		(Effective Portion)
	Derivatives Designated as Cash Flow	Three Months Ended December 31,						Nine Months Ended December 31,
	Hedging Relationships	2013			2012			2013			2012
	Foreign currency exchange contracts	$	1,167		$	(2,951	)	$	(15,798	)	$	(4,789	)
	Location of Gain or (Loss) Reclassified	Amount of Gain or (Loss) Reclassified from AOCI into Income
		(Effective Portion)
	from AOCI into Income (Effective	Three Months Ended December 31,						Nine Months Ended December 31,
	Portion)	2013			2012			2013			2012
	Costs of revenue	$	(780	)	$	(1,080	)	$	(2,839	)	$	(3,890	)
	Operating expenses	$	(471	)	$	(583	)	$	(1,760	)	$	(2,126	)
				Amount of Gain or (Loss) Recognized in Income on Derivatives
	Derivatives not Designated	Location of Gain or (Loss)		Three Months Ended						Nine Months Ended
				December 31,						December 31,
	as Hedging Instrument	Recognized in Income on Derivatives		2013			2012			2013			2012
	Foreign currency exchange contracts	Foreign currency transaction gains (losses)		$	420		$	(429	)	$	(3,034	)	$	(904	)
		Revenue		$	(74	)	$	(23	)	$	(555	)	$	(172	)
		Costs of revenue		$	30		$	14		$	214		$	119
		Selling, general and administrative expenses		$	3		$	—		$	23		$	11

Acquisitions_Tables

Acquisitions (Tables)	9 Months Ended
	Dec. 31, 2013
Acquisitions	'
Summary of the purchase price allocation	'
		Amount
	Consideration Transferred:
	Cash paid at closing	$	6,156
	Holdback of 10%	684
	Fair value of contingent consideration	3,660
	Total purchase price	$	10,500
	Acquisition-related costs	$	50
	Purchase Price Allocation
	Customer relationships	$	5,180
	Goodwill	5,320
	Total purchase price	$	10,500

Goodwill_and_Intangible_Assets1

Goodwill and Intangible Assets (Tables)	9 Months Ended
	Dec. 31, 2013
Goodwill and Intangible Assets	'
Schedule of changes in goodwill	'
		Amount
	Balance at April 1, 2013	$	35,472
	Goodwill arising from OSB acquisition	5,320
	Balance at December 31, 2013	$	40,792
Schedule of carrying amount and accumulated amortization of intangible asset	'
	The following are details of the Company’s intangible asset carrying amounts and accumulated amortization at December 31, 2013:
		Weighted Average		Gross Carrying		Accumulated		Net Carrying
		Useful Life		Amount		Amortization		Amount
	Amortizable intangible assets:
	Customer relationships	9.2		$	27,083	$	8,167	$	18,916
	Partner relationships	6.5		700		457		243
		8.4		$	27,783	$	8,624	$	19,159

Concentration_of_Revenue_and_A1

Concentration of Revenue and Assets (Tables)	9 Months Ended
	Dec. 31, 2013
Concentration of Revenue and Assets	'
Schedule of revenue attributed to geographic areas based on location of the client	'
		Three Months Ended						Nine Months Ended
		December 31,						December 31,
		2013			2012			2013		2012
	Client revenue:
	North America	$	70,510		$	65,035		$	205,547	$	188,170
	Europe	24,895			16,870			64,686		44,052
	Rest of world	5,638			4,569			15,600		11,004
	Consolidated revenue	$	101,043		$	86,474		$	285,833	$	243,226
Schedule of long-lived assets, net of accumulated depreciation and amortization attributed to geographic areas based on location of assets	'
		December 31,			March 31,
		2013			2013
	Long-lived assets, net of accumulated depreciation and amortization:
	United States	$	62,174		$	53,228
	Asia	30,938			34,367
	Europe	885			344
	Consolidated long-lived assets, net	$	93,997		$	87,939
Schedule of revenue from significant clients as a percentage of consolidated revenue	'
		Three Months Ended				Nine Months Ended
		December 31,				December 31,
		2013		2012		2013		2012
	Customer 1	13.1	%	15.3	%	13.4	%	13.2	%
	Customer 2	7.9	%	13.7	%	10.3	%	14.5	%
	Customer 3	13.3	%	10.7	%	12.4	%	10.1	%

Pensions_and_postretirement_be1

Pensions and post-retirement benefits (Tables)	9 Months Ended
	Dec. 31, 2013
Pensions and post-retirement benefits	'
Schedule of pension expense recognized	'
		Three Months Ended						Nine Months Ended
		December 31,						December 31,
		2013			2012			2013			2012
	Components of net periodic pension cost
	Service cost	$	129		$	114		$	397		$	340
	Interest cost	56			45			160			134
	Expected return on plan assets	(58		)	(47		)	(164		)	(141		)
	Amortization past service cost	2			1			8			9
	Amortization of actuarial loss	22			1			68			4
	Net periodic pension cost	$	151		$	114		$	469		$	346

Accumulated_Other_Comprehensiv1

Accumulated Other Comprehensive Loss (Tables)	9 Months Ended
	Dec. 31, 2013
Accumulated Other Comprehensive Loss	'
Schedule of changes in accumulated other comprehensive income (loss) by component	'
	Accumulated Other Comprehensive Income (Loss)	Three Months Ended						Nine Months Ended
		December 31,						December 31,
	(In thousands, except per share amounts)	2013			2012			2013			2012
	Investment securities
	Beginning balance	$	—		$	5		$	(3	)	$	(8	)
	Other comprehensive income (loss) (OCI) before reclassifications net of tax of $0 for all periods	9			(8		)	12			5
	Reclassifications from OCI to other income — net of tax of $0 for all periods	—			—			—			—
	Comprehensive income (loss) on investment securities, net of tax of $0 for all periods	9			(8		)	12			5
	Closing Balance	$	9		$	(3	)	$	9		$	(3	)
	Currency translation adjustments
	Beginning balance	$	(27,846	)	$	(14,444	)	$	(16,918	)	$	(13,109	)
	Recognized in OCI	2,099			(2,163		)	(8,829		)	(3,498		)
	Closing balance	$	(25,747	)	$	(16,607	)	$	(25,747	)	$	(16,607	)
	Cash flow hedges
	Beginning balance	$	(10,305	)	$	(2,722	)	$	(1,013	)	$	(4,524	)
	OCI before reclassifications net of tax of $(488), $753, $5,046, and $1,184	680			(2,198		)	(10,751		)	(3,606		)
	Reclassifications from OCI to
	- Costs of revenue, net of tax of $(223), $(265), $(978) and $(1,002)	557			815			1,860			2,888
	- Selling, general and administrative expenses, net of tax of $(153), $(143), $(607) and $(550)	318			440			1,154			1,577
	Comprehensive income (loss) on cash flow hedges, net of tax of $(864), $345, $3,461 and $(368)	1,555			(943		)	(7,737		)	859
	Closing balance	$	(8,750	)	$	(3,665	)	$	(8,750	)	$	(3,665	)
	Benefit plans
	Beginning balance	$	(637	)	$	(718	)	$	(780	)	$	(702	)
	Reclassifications from OCI for prior service credit (cost) to:
	- Costs of revenue, net of tax of $0 for all periods	2			2			6			6
	- Selling, general and administrative expenses, net of tax of $0 for all periods	—			1			2			2
	Reclassifications from OCI for net actuarial gain (loss) amortization to:
	- Costs of revenue, net of tax of $0 for all periods	18			(5		)	53			(20		)
	- Selling, general and administrative expenses, net of tax of $0 for all periods	5			(2		)	16			(8		)
	Other adjustments	(12		)	2			79			2
	Comprehensive income (loss) on benefit plans, net of tax of $0 for all periods	13			(2		)	156			(18		)
	Closing balance	$	(624	)	$	(720	)	$	(624	)	$	(720	)
	Accumulated other comprehensive income (loss) at December 31, 2013	$	(35,112	)	$	(20,995	)	$	(35,112	)	$	(20,995	)

Net_Income_per_Share_Details

Net Income per Share (Details) (USD $)	3 Months Ended		9 Months Ended
In Thousands, except Share data, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2013	Dec. 31, 2012
Numerators:	'	'	'	'
Net income	$9,328	$7,404	$24,328	$19,307
Denominators:	'	'	'	'
Weighted average common shares outstanding	25,652,538	24,969,800	25,499,625	24,887,304
Dilutive effect of employee stock options and unvested restricted stock (in shares)	874,810	627,143	819,364	633,586
Dilutive effect of stock appreciation rights (in shares)	13,334	17,366	14,731	18,609
Weighted average shares-diluted	26,540,682	25,614,309	26,333,720	25,539,499
Net income per share-basic (in dollars per share)	$0.36	$0.30	$0.95	$0.78
Net income per share-diluted (in dollars per share)	$0.35	$0.29	$0.92	$0.76
Options excluded from the calculations of diluted earnings per share (in shares)	28,613	435,161	100,408	496,686

Investment_Securities_Details

Investment Securities (Details) (USD $)	Dec. 31, 2013	Mar. 31, 2013
In Thousands, unless otherwise specified
Investment Securities	'	'
Amortized Cost	$48,889	$37,780
Gross Unrealized Gains	10	7
Gross Unrealized Losses	-5	-16
Fair Value	48,894	37,771
Corporate bonds | Current	'	'
Investment Securities	'	'
Amortized Cost	7,760	6,846
Gross Unrealized Gains	4	4
Gross Unrealized Losses	-1	-2
Fair Value	7,763	6,848
Corporate bonds | Non-current	'	'
Investment Securities	'	'
Amortized Cost	7,627	6,246
Gross Unrealized Gains	5	3
Gross Unrealized Losses	-3	-7
Fair Value	7,629	6,242
Auction-rate securities | Non-current	'	'
Investment Securities	'	'
Amortized Cost	300	900
Gross Unrealized Losses	'	-7
Fair Value	300	893
Municipal bonds | Non-current	'	'
Investment Securities	'	'
Amortized Cost	200	'
Gross Unrealized Losses	-1	'
Fair Value	199	'
Agency and short-term notes | Current	'	'
Investment Securities	'	'
Amortized Cost	566	'
Gross Unrealized Gains	1	'
Fair Value	567	'
Agency and short-term notes | Non-current	'	'
Investment Securities	'	'
Amortized Cost	'	1,184
Fair Value	'	1,184
Time deposits | Current	'	'
Investment Securities	'	'
Amortized Cost	32,436	22,604
Fair Value	$32,436	$22,604

Fair_Value_of_Financial_Instru2

Fair Value of Financial Instruments (Details) (Recurring, USD $)	Dec. 31, 2013
In Thousands, unless otherwise specified
Level 2	'
Investments:	'
Available-for-sale securities - current	$40,766
Available-for-sale securities - non-current	7,828
Total assets	48,594
Liabilities:	'
Foreign currency derivative contracts	12,988
Total liabilities	12,988
Level 3	'
Investments:	'
Available-for-sale securities - non-current	300
Total assets	300
Liabilities:	'
Contingent consideration	3,781
Total liabilities	3,781
Total	'
Investments:	'
Available-for-sale securities - current	40,766
Available-for-sale securities - non-current	8,128
Total assets	48,894
Liabilities:	'
Foreign currency derivative contracts	12,988
Contingent consideration	3,781
Total liabilities	$16,769

Fair_Value_of_Financial_Instru3

Fair Value of Financial Instruments (Details 2) (USD $)	9 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2013
Level 3 | OSB	'
Changes in fair value of the Company's Level 3 financial liabilities	'
Balance at end of period	$3,781
Contingent consideration for the OSB acquisition	3,660
Recognized in earnings	121
Auction-rate securities	'
Summary of changes in fair value of the Company's Level 3 financial assets	'
Balance at the beginning of the period	893
Auction-rate securities redeemed at par	-600
Total unrealized gains:	'
Included in accumulated other comprehensive income	7
Balance at the end of the period	$300

Derivative_Financial_Instrumen2

Derivative Financial Instruments (Details) (Foreign currency exchange contracts, USD $)	9 Months Ended		9 Months Ended		9 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2013	Mar. 31, 2013	Dec. 31, 2013	Mar. 31, 2013	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2013
	program		Derivatives designated as hedging instruments	Derivatives designated as hedging instruments	Derivatives designated as hedging instruments	Derivatives designated as hedging instruments	Derivatives not Designated as Hedging Instrument
					Cash Flow Hedges	Cash Flow Hedges
					Reclassification out of accumulated other comprehensive income	Reclassification out of accumulated other comprehensive income
Derivative Financial Instruments and Trading Activities	'	'	'	'	'	'	'
Number of hedging programs maintained	3	'	'	'	'	'	'
Period hedged by Cash Flow Program	'	'	'36 months	'	'	'	'
Maturity period of Balance Sheet Program derivatives	'	'	'	'	'	'	'30 days
Additional period after which the contract is deemed ineffective	'	'	'2 months	'	'	'	'
Amount reclassified to earnings as a result of hedge ineffectiveness	'	'	'	'	$0	$0	'
U.S. dollar notional equivalent market value	94,703	96,630	'	'	'	'	'
Unrealized net losses related to derivative instruments expected to be reclassified from AOCI into earnings during the next 12 months	'	'	7,750	'	'	'	'
Maximum outstanding term of derivative instruments	'33 months	'	'	'	'	'	'92 days
Other current assets	'	'	'	884	'	'	'
Other long-term assets	'	'	'	415	'	'	'
Accrued expenses and other current liabilities	'	'	7,750	2,142	'	'	'
Long-term liabilities	'	'	$5,238	$946	'	'	'

Derivative_Financial_Instrumen3

Derivative Financial Instruments (Details 2) (USD $)	3 Months Ended		9 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2013	Dec. 31, 2012
Costs of revenue	'	'	'	'
Derivative Financial Instruments	'	'	'	'
Amount of Gain or (Loss) Reclassified from AOCI into Income (Effective Portion)	($780)	($1,080)	($2,839)	($3,890)
Operating expenses	'	'	'	'
Derivative Financial Instruments	'	'	'	'
Amount of Gain or (Loss) Reclassified from AOCI into Income (Effective Portion)	-471	-583	-1,760	-2,126
Derivatives Designated as Cash Flow Hedging Relationships | Foreign currency exchange contracts	'	'	'	'
Derivative Financial Instruments	'	'	'	'
Amount of Gain or (Loss) Recognized in AOCI on Derivatives (Effective Portion)	1,167	-2,951	-15,798	-4,789
Derivatives not Designated as Hedging Instrument | Foreign currency exchange contracts | Foreign currency transaction gains (losses)	'	'	'	'
Derivative Financial Instruments	'	'	'	'
Amount of Gain or (Loss) Recognized in Income on Derivatives	420	-429	-3,034	-904
Derivatives not Designated as Hedging Instrument | Foreign currency exchange contracts | Revenue	'	'	'	'
Derivative Financial Instruments	'	'	'	'
Amount of Gain or (Loss) Recognized in Income on Derivatives	-74	-23	-555	-172
Derivatives not Designated as Hedging Instrument | Foreign currency exchange contracts | Costs of revenue	'	'	'	'
Derivative Financial Instruments	'	'	'	'
Amount of Gain or (Loss) Recognized in Income on Derivatives	30	14	214	119
Derivatives not Designated as Hedging Instrument | Foreign currency exchange contracts | Selling, general and administrative expenses	'	'	'	'
Derivative Financial Instruments	'	'	'	'
Amount of Gain or (Loss) Recognized in Income on Derivatives	$3	'	$23	$11

Acquisitions_Details

Acquisitions (Details) (USD $)	Dec. 31, 2013	Mar. 31, 2013	Nov. 01, 2013	Dec. 31, 2013	Nov. 01, 2013
In Thousands, unless otherwise specified			OSB	OSB	OSB
					Maximum
Acquisitions	'	'	'	'	'
Purchase price in cash	'	'	$6,840	'	'
Holdback percentage	'	'	10.00%	'	'
Holdback period	'	'	'12 months	'	'
Additional earn-out consideration	'	'	'	'	6,000
Consideration Transferred:	'	'	'	'	'
Cash paid at closing	'	'	6,156	'	'
Holdback of (10%)	'	'	684	'	'
Fair value of contingent consideration	'	'	3,660	3,781	'
Total purchase price	'	'	10,500	'	'
Acquisition-related costs	'	'	50	'	'
Purchase Price Allocation	'	'	'	'	'
Customer relationships	'	'	5,180	'	'
Goodwill	40,792	35,472	5,320	'	'
Total purchase price	'	'	$10,500	'	'

Goodwill_and_Intangible_Assets2

Goodwill and Intangible Assets (Details) (USD $)	9 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2013
Changes in goodwill	'
Balance at the beginning of the period	$35,472
Goodwill arising from OSB acquisition	5,320
Balance at the end of the period	40,792
Acquisition costs and goodwill deductible for tax purposes	$41,834

Goodwill_and_Intangible_Assets3

Goodwill and Intangible Assets (Details 2) (USD $)	9 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2013	Mar. 31, 2013	Dec. 31, 2012
Intangible Assets	'	'	'
Weighted Average Useful Life	'8 years 4 months 24 days	'	'
Gross Carrying Amount	$27,783	'	'
Accumulated Amortization	8,624	'	'
Net Carrying Amount	19,159	15,692	19,159
Customer relationships	'	'	'
Intangible Assets	'	'	'
Weighted Average Useful Life	'9 years 2 months 12 days	'	'
Gross Carrying Amount	27,083	'	'
Accumulated Amortization	8,167	'	'
Net Carrying Amount	18,916	'	'
Partner relationships	'	'	'
Intangible Assets	'	'	'
Weighted Average Useful Life	'6 years 6 months	'	'
Gross Carrying Amount	700	'	'
Accumulated Amortization	457	'	'
Net Carrying Amount	$243	'	'

Income_Taxes_Details

Income Taxes (Details) (USD $)	3 Months Ended		9 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2013	Dec. 31, 2012	Mar. 31, 2013
Income Taxes	'	'	'	'	'
Effective tax rate (as a percent)	24.50%	23.80%	24.70%	24.30%	'
Income Taxes	'	'	'	'	'
Total liability for unrecognized tax benefits which would impact the annual effective rate, if realized	$950	'	$950	'	$4,823
Decrease in unrecognized tax benefits	'	'	3,873	'	'
Unremitted earnings from foreign subsidiaries	152,255	'	152,255	'	'
Cash and short-term investments available for distribution if not indefinitely reinvested	$102,110	'	$102,110	'	'
India	'	'	'	'	'
Income Taxes	'	'	'	'	'
Number of subsidiaries which is export oriented	'	'	1	'	'
Statutory tax rate (as a percent)	34.00%	34.00%	32.50%	32.50%	'
India | Indian operations in areas designated as a SEZ	'	'	'	'	'
Income Taxes	'	'	'	'	'
Income tax exemption period	'	'	'15 years	'	'
Number of subsidiaries eligible for tax holiday on export income	'	'	2	'	'
India | Virtusa India	'	'	'	'	'
Income Taxes	'	'	'	'	'
Income tax exemption period	'	'	'10 years	'	'
Number of STPs operated	'	'	2	'	'
India | Virtusa India | Chennai	'	'	'	'	'
Income Taxes	'	'	'	'	'
Number of STPs operated	'	'	1	'	'
India | Virtusa India | Hyderabad	'	'	'	'	'
Income Taxes	'	'	'	'	'
Number of STPs operated	'	'	1	'	'
Sri Lanka | Virtusa (Private) Limited	'	'	'	'	'
Income Taxes	'	'	'	'	'
Income tax exemption period	'	'	'12 years	'	'

Concentration_of_Revenue_and_A2

Concentration of Revenue and Assets (Details) (USD $)	3 Months Ended		9 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2013	Dec. 31, 2012	Mar. 31, 2013
Concentration of Revenue and Assets	'	'	'	'	'
Consolidated revenue	$101,043	$86,474	$285,833	$243,226	'
Consolidated long-lived assets, net	93,997	'	93,997	'	87,939
North America	'	'	'	'	'
Concentration of Revenue and Assets	'	'	'	'	'
Consolidated revenue	70,510	65,035	205,547	188,170	'
Europe	'	'	'	'	'
Concentration of Revenue and Assets	'	'	'	'	'
Consolidated revenue	24,895	16,870	64,686	44,052	'
Consolidated long-lived assets, net	885	'	885	'	344
Rest of world	'	'	'	'	'
Concentration of Revenue and Assets	'	'	'	'	'
Consolidated revenue	5,638	4,569	15,600	11,004	'
United States	'	'	'	'	'
Concentration of Revenue and Assets	'	'	'	'	'
Consolidated long-lived assets, net	62,174	'	62,174	'	53,228
Asia	'	'	'	'	'
Concentration of Revenue and Assets	'	'	'	'	'
Consolidated long-lived assets, net	$30,938	'	$30,938	'	$34,367

Concentration_of_Revenue_and_A3

Concentration of Revenue and Assets (Details 2) (Sales revenue)	3 Months Ended		9 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2013	Dec. 31, 2012
Customer 1	'	'	'	'
Concentration of Revenue and Assets	'	'	'	'
Revenue from significant clients as a percentage of consolidated revenue	13.10%	15.30%	13.40%	13.20%
Customer 2	'	'	'	'
Concentration of Revenue and Assets	'	'	'	'
Revenue from significant clients as a percentage of consolidated revenue	7.90%	13.70%	10.30%	14.50%
Customer 3	'	'	'	'
Concentration of Revenue and Assets	'	'	'	'
Revenue from significant clients as a percentage of consolidated revenue	13.30%	10.70%	12.40%	10.10%

Debt_Details

Debt (Details) (USD $)	9 Months Ended	0 Months Ended		9 Months Ended		0 Months Ended	9 Months Ended
	Dec. 31, 2013	Jan. 14, 2014	Dec. 31, 2013	Dec. 31, 2013	Dec. 31, 2013	Jan. 14, 2014	Dec. 31, 2013	Dec. 31, 2013	Dec. 31, 2013
		Common Stock	Prior secured revolving credit agreement	Prior secured revolving credit agreement	Line of credit agreement	Line of credit agreement	Line of credit agreement	Line of credit agreement	Line of credit agreement
		Subsequent event		Maximum		Common Stock	LIBOR	LIBOR	LIBOR
						Subsequent event		Minimum	Maximum
Debt	'	'	'	'	'	'	'	'	'
Maximum borrowing capacity under the credit agreement	'	'	$3,000,000	'	$25,000,000	'	'	'	'
Variable rate basis	'	'	'	'	'	'	'LIBOR	'	'
Debt to Adjusted EBITDA Ratio	'	'	'	2	'	'	'	'	'
Fixed Charge Coverage Ratio	'	'	'	2.5	'	'	'	'	'
Interest rate added to the base rate (as a percent)	'	'	'	'	'	'	'	1.50%	1.75%
Interest rate under credit facility (as a percent)	'	'	'	'	1.69%	'	'	'	'
Term of credit facility	'	'	'	'	'5 years	'	'	'	'
Amount outstanding under the credit facility	'	'	'	'	20,000,000	'	'	'	'
Repayment of debt	'	'	'	'	'	20,000,000	'	'	'
Number of common shares issued in public offering	'	2,645,000	'	'	'	'	'	'	'
Receivables sold under the terms of the financing agreement	19,443,000	'	'	'	'	'	'	'	'
Amounts due related to a financing agreement to sell certain accounts receivable balances	$0	'	'	'	'	'	'	'	'

Pensions_and_postretirement_be2

Pensions and post-retirement benefits (Details) (Pension benefits, USD $)	3 Months Ended		9 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2013	Dec. 31, 2012
Pension benefits	'	'	'	'
Pensions and post-retirement benefits	'	'	'	'
Service cost	$129	$114	$397	$340
Interest cost	56	45	160	134
Expected return on plan assets	-58	-47	-164	-141
Amortization past service cost	2	1	8	9
Amortization of actuarial loss	22	1	68	4
Net periodic pension cost	151	114	469	346
Expected cash contributions to the plans in current fiscal period	'	'	1,036	'
Cash contributions to the plans for the previous fiscal year	'	'	411	'
Cash contributions to the plan for the current fiscal year	'	'	$331	'

Accumulated_Other_Comprehensiv2

Accumulated Other Comprehensive Loss (Details) (USD $)

Dec. 31, 2013

Mar. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

In Thousands, unless otherwise specified

Investment securities

Investment securities

Investment securities

Investment securities

Investment securities

Investment securities

Investment securities

Investment securities

Currency Translation Adjustments

Currency Translation Adjustments

Currency Translation Adjustments

Currency Translation Adjustments

Cash Flow Hedges

Cash Flow Hedges

Cash Flow Hedges

Cash Flow Hedges

Cash Flow Hedges

Cash Flow Hedges

Cash Flow Hedges

Cash Flow Hedges

Benefit plans

Benefit plans

Benefit plans

Benefit plans

Benefit plans, prior service credit (cost)

Benefit plans, prior service credit (cost)

Benefit plans, prior service credit (cost)

Benefit plans, prior service credit (cost)

Benefit plans, net actuarial gain (loss)

Benefit plans, net actuarial gain (loss)

Benefit plans, net actuarial gain (loss)

Benefit plans, net actuarial gain (loss)

Reclassification out of accumulated other comprehensive income

Reclassification out of accumulated other comprehensive income

Reclassification out of accumulated other comprehensive income

Reclassification out of accumulated other comprehensive income

Reclassification out of accumulated other comprehensive income

Reclassification out of accumulated other comprehensive income

Reclassification out of accumulated other comprehensive income

Reclassification out of accumulated other comprehensive income

Reclassification out of accumulated other comprehensive income

Reclassification out of accumulated other comprehensive income

Reclassification out of accumulated other comprehensive income

Reclassification out of accumulated other comprehensive income

Reclassification out of accumulated other comprehensive income

Reclassification out of accumulated other comprehensive income

Reclassification out of accumulated other comprehensive income

Reclassification out of accumulated other comprehensive income

Changes in accumulated other comprehensive income (loss)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Balance at the beginning of the period

($35,112)

($18,714)

($20,995)

$0

$5

($3)

($8)

'

'

'

'

($27,846)

($14,444)

($16,918)

($13,109)

($10,305)

($2,722)

($1,013)

($4,524)

'

'

'

'

($637)

($718)

($780)

($702)

'

'

'

'

'

'

'

'

Other comprehensive income (loss) before reclassifications net of tax

'

'

'

9

-8

12

5

'

'

'

'

2,099

-2,163

-8,829

-3,498

680

-2,198

-10,751

-3,606

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Other comprehensive income (loss) (OCI) before reclassifications, tax effect

'

'

'

0

0

0

0

'

'

'

'

'

'

'

'

-488

753

5,046

1,184

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Reclassifications from OCI to:

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Other income, tax effect

'

'

'

'

'

'

'

0

0

0

0

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Costs of revenue, net of tax

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

557

815

1,860

2,888

'

'

'

'

2

2

6

6

18

-5

53

-20

Costs of revenue, tax effect

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

-223

-265

-978

-1,002

'

'

'

'

0

0

0

0

0

0

0

0

Selling, general and administrative expenses, net of tax

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

318

440

1,154

1,577

'

'

'

'

0

1

2

2

5

-2

16

-8

Selling, general and administrative expenses, tax effect

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

-153

-143

-607

-550

'

'

'

'

0

0

0

0

0

0

0

0

Other adjustments

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

-12

2

79

2

'

'

'

'

'

'

'

'

Comprehensive income (loss), net of tax

'

'

'

9

-8

12

5

'

'

'

'

'

'

'

'

1,555

-943

-7,737

859

'

'

'

'

13

-2

156

-18

'

'

'

'

'

'

'

'

Comprehensive income (loss), tax effect

'

'

'

0

0

0

0

'

'

'

'

'

'

'

'

-864

345

3,461

-368

'

'

'

'

0

0

0

0

'

'

'

'

'

'

'

'

Balance at the end of the period

($35,112)

($18,714)

($20,995)

$9

($3)

$9

($3)

'

'

'

'

($25,747)

($16,607)

($25,747)

($16,607)

($8,750)

($3,665)

($8,750)

($3,665)

'

'

'

'

($624)

($720)

($624)

($720)

'

'

'

'

'

'

'

'

Subsequent_Events_Details

Subsequent Events (Details) (Subsequent event)

0 Months Ended

0 Months Ended

0 Months Ended

Jan. 29, 2014

Jan. 29, 2014

Jan. 08, 2014

Jan. 08, 2014

Jan. 29, 2014

Jan. 29, 2014

Jan. 10, 2014

Jan. 10, 2014

Jan. 14, 2014

Jan. 14, 2014

Jan. 02, 2014

Jan. 02, 2014

Derivatives designated as hedging instruments

Derivatives designated as hedging instruments

Derivatives designated as hedging instruments

Derivatives designated as hedging instruments

Derivatives designated as hedging instruments

Derivatives designated as hedging instruments

Derivatives designated as hedging instruments

Derivatives designated as hedging instruments

Common Stock

Common Stock

Deferred restricted stock awards

Virtusa BV

Foreign currency forward contracts

Foreign currency forward contracts

Foreign currency forward contracts

Foreign currency forward contracts

Foreign currency forward contracts

Foreign currency forward contracts

Foreign currency forward contracts

Foreign currency forward contracts

USD ($)

Line of credit agreement

TradeTech Group

TradeTech Group

U.K. Pound Sterling and Indian Rupee Forward Contract

U.K. Pound Sterling and Indian Rupee Forward Contract

U.S. dollar and Swedish Krona ("SEK") Forward Contract

U.S. dollar and Swedish Krona ("SEK") Forward Contract

U.S. Dollar and Indian Rupee Forward Contract

U.S. Dollar and Indian Rupee Forward Contract

U.S. Dollar and U.K. Pound Sterling Forward Contract

U.S. Dollar and U.K. Pound Sterling Forward Contract

USD ($)

USD ($)

USD ($)

GBP (£)

INR

USD ($)

SEK

USD ($)

INR

USD ($)

GBP (£)

Subsequent Events

'

'

'

'

'

'

'

'

'

'

'

'

Aggregate notional amount of foreign currency forward contracts

£ 4,469,000

505,245,000

$785,000

5,200,000

$9,235,000

636,972,000

$9,980,000

£ 6,095,000

'

'

'

'

Weighted average settlement rate

113.45

113.45

0.151

0.151

69.05

69.05

1.637

1.637

'

'

'

'

Foreign currency forward contracts expiration period

'36 months

'36 months

'

'

'36 months

'36 months

'

'

'

'

'

'

Number of common shares issued in public offering

'

'

'

'

'

'

'

'

2,645,000

'

'

'

Net proceeds from offering after deducting underwriting discount and estimated expenses

'

'

'

'

'

'

'

'

86,200,000

'

'

'

Underwriter option period

'

'

'

'

'

'

'

'

'30 days

'

'

'

Additional shares may be issued to underwriter on exercising of option

'

'

'

'

'

'

'

'

345,000

'

'

'

Repayment of all outstanding borrowing using proceeds from issuance of common stock

'

'

'

'

'

'

'

'

'

20,000,000

'

'

Purchase price in cash

'

'

'

'

'

'

'

'

'

'

'

20,000,000

Earn-out consideration

'

'

'

'

'

'

'

'

'

'

'

4,000,000

Period considered for achievement of certain revenue and EBITDA targets for earn-out consideration

'

'

'

'

'

'

'

'

'

'

'

'12 months

Holdback percentage

'

'

'

'

'

'

'

'

'

'

'

12.50%

Holdback period

'

'

'

'

'

'

'

'

'

'

'

'12 months

Authorized value of awards

'

'

'

'

'

'

'

'

'

'

$2,000,000

'

Number of authorized shares

'

'

'

'

'

'

'

'

'

'

65,000

'

Vesting period

'

'

'

'

'

'

'

'

'

'

'5 years

'