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Infosys profit increases
By Erika Kinetz |
July 11, 2009, Saturday
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Print Edition
Print Edition
INDIAN outsourcing bellwether Infosys Technologies Ltd reported a slight rise in quarterly profit in dollar terms but warned of a steep drop in revenue as its global clients struggle to cope with the economic slowdown.
Infosys, India's second-largest information technology outsourcing firm, earned US$313 million in net income for the quarter ended on June 30, based on international accounting standards, a rise of 1.6 percent from a year earlier, it said yesterday.
Revenues for the period fell 2.9 percent to US$1.12 billion, but still beat analyst expectations.
The company said revenues would decline 7.1 to 8.7 percent, to between US$1.11 billion and US$1.13 billion, in the current quarter.
"We believe that in the short term the global economic environment will continue to be challenging," Chief Executive S. Gopalakrishnan said.
Infosys derived 64.7 percent of revenues from North America last quarter, despite long-standing efforts to diversify its geographic revenue. Hard-hit financial and insurance companies, which have been the world's biggest IT spenders, accounted for a third of revenues, slightly less than they did during the same period last year.
Infosys said it added 27 clients in the quarter, down from adding 49 clients in the same period last year, and trimmed its headcount by 945 people to 103,905 employees globally.
Infosys, India's second-largest information technology outsourcing firm, earned US$313 million in net income for the quarter ended on June 30, based on international accounting standards, a rise of 1.6 percent from a year earlier, it said yesterday.
Revenues for the period fell 2.9 percent to US$1.12 billion, but still beat analyst expectations.
The company said revenues would decline 7.1 to 8.7 percent, to between US$1.11 billion and US$1.13 billion, in the current quarter.
"We believe that in the short term the global economic environment will continue to be challenging," Chief Executive S. Gopalakrishnan said.
Infosys derived 64.7 percent of revenues from North America last quarter, despite long-standing efforts to diversify its geographic revenue. Hard-hit financial and insurance companies, which have been the world's biggest IT spenders, accounted for a third of revenues, slightly less than they did during the same period last year.
Infosys said it added 27 clients in the quarter, down from adding 49 clients in the same period last year, and trimmed its headcount by 945 people to 103,905 employees globally.
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