Infosys posts 25 percent Q3 net profit, adds 11683 employees

By siliconindia   |   Saturday, 12 January 2008, 17:29 IST
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Bangalore: Infosys Technologies posted a net profit of 12.3 billion during the third quarter (Oct-Dec) of this fiscal (2007-08), registering year-on-year (YoY) growth of 25 percent under the Indian GAAP. The company sources said that consolidated income under review for the quarter was 42.7 billion ($1.6 billion), posting YoY growth of 17 percent under the Indian GAAP. During the same period, the company has added 11,683 employees. With a marginal decline in attrition of employees during the quarter, the net addition was 8,100 as against 4,530 in the second quarter and 3,282 in the same period last year. "The total number of employees has gone up to 88,601 by December 31 from 80,501 at the end of September and 69,432 at the end of third quarter last year," T.V. Mohandas Pai, human resources department head, said in a statement. "Attrition level has dropped to 13.7 percent during the quarter from 14.2 percent in the previous quarter, but is still marginal up from 13.5 percent a year ago," he added. The gross addition during the previous quarter was 8,543 and 6,062 in the third quarter of last fiscal. "We believe the IT spending environment will be favorable to large offshore players like us, even though the macro environment is challenging," said Ashok Vemuri, Head, banking and capital markets at Infosys. Infosys said that October-December net profit rose to 12.31 billion rupees ($313.23 million) from 9.83 billion rupees a year earlier. Apart from the strong demand from Europe, net profit was boosted by a tax reversal of 500 million rupees.