Infosys Q3 cons net up at Rs 1,231 crore

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Bangalore, Jan 11: IT giant Infosys Technologies Ltd today announced a net profit of Rs 1,231 crore for the third quarter ending December 31, posting a year-on-year growth of 25.2 per cent.

Talking to newspersons here, Infosys CEO and Managing Director S Gopalakrishnan said that battered by stronger Rupee, the company could grow its revenue sequentially only by 4.02 per cent. However, revenues for the fiscal 2008 was expected to grow by 20 per cent.Total revenues for the quarter grew to Rs 4,271 crore, a YoY growth of 16.9 per cent. Earnings Per Share (EPS) increased to Rs 21.54 from Rs 17.64 during the corresponding quarter in the previous year and a YoY was at 17.1 per cent.

Mr Gopalakrishnan said "we see several opportunities for growth in the marketplace and have concluded several multi-year, multimillion deals during the quarter.

"We believe in our ability to handle large, complex programmes using the global delivery model. This provides compelling value proposition to global customers seeking efficiency in a challenging macro-environment," he added.

The company and its subsidiaries added 47 new clients during the quarter. The gross addition of 11,683 employees (net 8,100) was made in Infosys with its subsidiaries taking the total employee strength to 88,601 as on December 31.

Infosys' outlook for the fourth quarter ending March 31 read income in the range of Rs 4,477 crore to Rs 4,501 crore an YoY of 18.7 per cent to 19.3 per cent. EPS was expected to be Rs 21.38 per cent. For the current fiscal the income was expected to be in the range of Rs 16,627 crore and Rs 16,651 crore with an YoY of 19.7 per cent to 19.9 per cent. The EPS would likely touch Rs 81.07, an YoY of 17.12 per cent per share with the face value of Rs five.

"We saw strong growth in Europe during the quarter," says Chief Operating Officer S D Shibulal. "The pricing environment continues to be stable with an upward bias. We increased the depth of client engagements and our top ten customers showed double-digit revenue growth," he said.

Chief Financial Officer V Balakrishnan said Infosys' cash and cash equivalents crossed US Dollar two billion. "We also crossed a significant milestone reaching US Dollar one billion net profits in the last 12 months. The currency environment continues to be challenging," he said.

Mr Gopalakrishnan said Infosys moved up to no 14 on FinTech 100, an international annual listing of the top 100 global application and service providers to the financial services industry.

British Telecom and Infosys were awarded the National Outsourcing Association (NOA) award for innovative outsourcing project of the year 2007.

Infosys entered into a multi-year multimillion-dollar contract with a leading healthcare company to provide application services and testing support.

A leading European bank selected Infosys as a preferred supplier to reduce the cost of ownership of its application portfolio across business lines.

The company was encouraged that the recruitment pool for the IT industry had widened. "Fears of large talent shortfall appear to be misplaced. Collective efforts in the last few years have resulted in better depth and breadth of talent availability in the market," Board Member and Head of HRD T V Mohandas Pai said.


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