Infosys Q3 net up 24% , adds 23 clients

By siliconindia   |   Friday, 10 January 2003, 20:30 IST
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BANGALORE: Infosys Technologies Limited has posted revenues of $200.0 million, up 45.38% from $137.6 million for the quarter ended December 31, 2001. Net income was $52.3 million ($41.6 million for the quarter ended December 31, 2001) and earnings per ADS was $0.40 ($0.32) "Infosys continues to enjoy the confidence of large marquee clients," said Nandan M. Nilekani, CEO, President and Managing Director. "Global corporations are seeking robust, financially strong, world-class partners such as Infosys to outsource their IT requirements." "Infosys has been able to demonstrate the scalability of its operations by adding 948 net employees without compromising on operational excellence," said S. Gopalakrishnan, Chief Operating Officer and Deputy Managing Director. "Our performance was the result of disciplined execution," said S. D. Shibulal, Head -- Customer Delivery and Member of the Board. "Our clients continue to value our relationship due to our end-to-end service capabilities, industry expertise and our competitive, scaleable global delivery model." "There continues to be an increased interest in offshore outsourcing. Account additions for this quarter have been satisfactory and we have managed a higher share of our clients' wallet," said Basab Pradhan, Head -- Worldwide Sales and Senior Vice President. Infosys continued to expand its presence in the financial services industry with new client and project wins. The company continued its work with a leading international financial institution, for developing and rolling out a new global customer reference system for its investment banking business. In addition, the company is assisting a leading global investment banking and securities firm in the management of its equity front office systems. Infosys strengthened its presence in the area of mobile and wireless, signing a three-year strategic sourcing contract with AT&T Wireless. Further, TTPCom, a leading European supplier of mobile technology, partnered with Infosys for co-developing new software for its 2.5 generation mobile phones. In the mortgage sector, Infosys was selected by a leading provider of mortgage risk management technology to identify, assess and define its technical architecture in order to underpin its core processing systems. The company established relationships with many prestigious clients in the healthcare industry. For instance, Access Dental, a leading provider of dental care services and insurance, selected Infosys to develop its IT strategy and to help create a scalable portfolio of applications and processes. Other new clients in this sector include Bristol-Myers Squibb, a global pharmaceutical and healthcare products company. Infosys made significant headway in the energy sector during the quarter. Currently, the company is assisting one of the world's leading energy companies to leverage technology in rationalizing their cost structure. "Free cash flows continue to be strong and the liquidity is comfortable," said T. V. Mohandas Pai, CFO and Member of the Board.

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