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Infosys' Q3 profits up, lowers dollar guidance for FY09
By siliconindia
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Wednesday, 14 January 2009, 18:50 IST |
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Mumbai: IT bellwether Infosys Technologies reported 14.5 percent rise in net profit during the October-December quarter. Infosys' third quarter profits stood at Rs 1641 crore as against Rs 1432 crore in the previous quarter. Income is Rs 5786 crore as against Rs 5418 crore (QoQ).
But a recession in the U.S., which accounts for more than half the outsourcing revenue, and turmoil in the global financial sector have halted the sector's scorching pace of growth and battered stocks, hence resulting in a weaker performance in dollar terms. Infosys revenue guidance for FY09 has been lowered to $4.67 billion as against $4.71 billion indicated earlier.
Earnings per share increased to 
28.66 from 21.54 in the corresponding quarter in the previous year; YoY growth was 33.1 percent.
Thirty new clients were added during the quarter by Infosys and its subsidiaries, and there was a gross addition of 5,997 employees (net 2,772) in the same period. The company and its subsidiaries employ 1,03,078 people as on December 31, 2008. "The attrition level has also declined to 11.8 percent in the third quarter from 12.8 percent in the second quarter and 13.7 percent in the same quarter (Q3) of the last fiscal (2007-08) or in the last 12 months (LTM), which is among the lowest in the IT industry," said Infosys head for HRD, education and research T.V. Mohandas Pai. The company have another 2,800 offer letters to be made, and has plans to make about 20,000 campus offerings in the next academic year. "We will certainly honour all the offer letters," he said. But he admitted that the pace of hiring had come down substantially during the third quarter (Q3), resulting in gross addition declining to 5,997 from 10,117 in the previous/second quarter (July-Sept) of this fiscal and 11,683 in the same quarter (Q3) a year ago.
On Monday, the company's shares ended 3.22 per cent at Rs 1156.60 on BSE.
India's Software service exporter Infosys has just kicked off quarter result announcements, which would be followed by Tata Consultancy Services on Thursday.
28.66 from 21.54 in the corresponding quarter in the previous year; YoY growth was 33.1 percent.
Thirty new clients were added during the quarter by Infosys and its subsidiaries, and there was a gross addition of 5,997 employees (net 2,772) in the same period. The company and its subsidiaries employ 1,03,078 people as on December 31, 2008. "The attrition level has also declined to 11.8 percent in the third quarter from 12.8 percent in the second quarter and 13.7 percent in the same quarter (Q3) of the last fiscal (2007-08) or in the last 12 months (LTM), which is among the lowest in the IT industry," said Infosys head for HRD, education and research T.V. Mohandas Pai. The company have another 2,800 offer letters to be made, and has plans to make about 20,000 campus offerings in the next academic year. "We will certainly honour all the offer letters," he said. But he admitted that the pace of hiring had come down substantially during the third quarter (Q3), resulting in gross addition declining to 5,997 from 10,117 in the previous/second quarter (July-Sept) of this fiscal and 11,683 in the same quarter (Q3) a year ago.
On Monday, the company's shares ended 3.22 per cent at Rs 1156.60 on BSE.
India's Software service exporter Infosys has just kicked off quarter result announcements, which would be followed by Tata Consultancy Services on Thursday.