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Infosys Q2 net profit up 35.6%
By agencies
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Tuesday, 11 October 2005, 19:30 IST
BANGALORE: India's second largest software services company, Infosys Technologies Ltd, today posted a 35.6 percent rise in quarterly net profit, beating market expectations, as foreign clients ramped up technology outsourcing.
Bangalore based Infosys said net profit rose to $136 million for July-September, its fiscal second quarter, while revenue rose to $521 million
Nasdaq listed Infosys is expanding in China and boosting high-profit consulting to match global rivals such as Accenture and IBM , and eyeing big deals as it fights to stay ahead in an expanding market.
"Going forward, we expect revenues to cross the $two billion mark at $2.14 billion by March 2006," said Nandan Nilekani, Infosys chief executive and managing director.
"The volumes growth story is on track, with demand strong from the financial services, retail, aerospace and insurance sectors," Nilekani said.
Infosys won several new clients in the past quarter, including five companies that rank among the global 500 largest, Nilekani said.
"We saw robust growth during the quarter due to our focus in offering a broad array of services to clients," Nilekani said.
Infosys added 34 new clients in the last quarter while 6,390 new employees joined the company in the same period and said it would add a total of 20,200 new employees in the financial year ending March 2006. The company said it currently employs 46,196 people.
In September, Infosys Technologies said that it was awarded a five-year deal worth $140 million to handle a "wide spectrum" of applications for ABN Amro offices in North America, Europe and the Asia Pacific.
"This is the single largest multi-year, multi-million euro contract ever won by Infosys," Nilekani said.
The company forecast 32 percent growth in consolidated revenues by the year-end i.e $556-558 million based on U.S. accounting figures.