Infosys to report revenues of $3billion
By siliconindia   |   Tuesday, 12 December 2006, 18:30 IST
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Mumbai: Infosys Technologies, reiterating an October forecast declared on Monday that it would report sales of more than $3 billion this financial year. Infosys, the second-biggest Indian software exporter, aims to become one of the world's top four IT- service providers, Nandan Nilekani, MD & CEO, Infosys, told reporters in Mumbai. In October, the Bangalore-based company had said that revenue for the year ending March 31 would be as much as 138.99 billion rupees, or $3.1 billion. "Being one of the most liquid stocks in the US will improve our brand visibility and ensure trading by global funds," said Nilekani. "Our business model will be a mix of consulting services with offshore capabilities," said V. Balakrishnan, Chief Financial Officer of Infosys. The first Indian company on the Nasdaq 100 Index-it will debut on the exchange on Monday- enjoys a 40-per cent growth rate in Europe. Talking about future plans, Nilekani did not rule out acquisitions. “They will be required in verticals and geographies where organic growth alone won't ensure scalability,” he said. This announcement comes in the face of claims of a slowdown in IT spending. "Though the slowdown in IT spending is a dicey subject, we believe there are no indications of a perceptible slowdown, and the projections stay," Nilekani said. He was also of the view that the slowdown will induce further cost cutting in the IT space and push outsourcing. “Only an extreme recession would affect major players,” he added. "Moreover, our billing rates are quite stable, but with an upward trend," said Balakrishnan dismissing fears. Incidentally, the company's shares fell by 0.12 per cent to 2,194.7 at the BSE.

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