BANGALORE: The company's profit in the April-June quarterly period touched 2.78 billion, up from 2.17 billion logged in the quarter ended June 30, 2002, on increased outsourcing by overseas clients, said an Infosys statement here. Income from software development services and products rose to 10.81 billion for the first quarter of the fiscal 2003-04, posting a growth of 41.51 percent over the corresponding quarter in the previous year. "There is an increased interest in offshore outsourcing as global corporations realise its benefits. Business opportunities continue to grow," said Nandan Nilekani, chief executive officer and managing director of Infosys Technologies. "However, the pricing environment remains challenging. Our value proposition to clients remains strongly differentiated, despite the increasing presence of global competitors," he added. During the April-June quarter, the company added 22 clients to its portfolio and maintained a high repeat business rate of 97.8 percent. Infosys strengthened its presence in the financial services industry by partnering with clients to develop technology-enabled business solutions. A global banking enterprise selected Infosys to implement a sourcing strategy for reducing cost, improving the efficiency of internal operations, and enabling a quicker response to business needs, for its North American operations. Infosys, which is also listed on the tech-laden Nasdaq stock exchange, increased its total employee strength to 17,095 as on June 30, 2003, up from 15,356 as on March 31, 2003. The number of software professionals in the April-June quarter increased to 15,623 from 14,001 as on March 31, 2003, said the company statement.
Source: IANS