Processing .....please wait.. 
The article has been forwarded.... 
News >> Technology >>
Infosys expects slower growth
By siliconindia
|
Tuesday, 13 April 2004, 19:30 IST
BANGALORE: Infosys Technologies Ltd said on Tuesday its quarterly net profit rose 31 per cent on booming outsourcing business but forecast slowing growth this year amid higher salary costs and an appreciating currency.
Still its shares rose as much as 16.7 per cent to Rs 6,000 as the company announced a three for one stock split.
India's largest listed software exporter, the first major firm in the technology earnings parade, is benefiting as overseas firms, mainly from the United States, turn to cheaper outsourcing.
But the strengthening Indian rupee and fierce competition from larger U.S. rivals such as Accenture Ltd are fuelling a rise in local salaries and putting pressure on its margins.
Bangalore-based Infosys, which earns about 70 percent of revenue from the US market, reported a profit of Rs 338 crore ($77.5 million),in the fiscal fourth quarter ended March 31.
That compared with a profit of Rs 259 crore in the year-ago period and a Rs 328 crore profit in the third quarter.