Infosys Q3 results dip; markets drop pts

Mumbai, Jan 13: The second largest IT firm in India, Infosys Technologies on Jan 13 announced its results for the third quarter which ended Dec 31, 2010. Following the results, Indian share market affected worse in the opening trade on Jan 13.

Read: Infy Q3 results dip, Sensex drops 0.2 pc

The company reported consolidated net profit at Rs 1,780 crore as against Rs 1,737 crore in previous quarter, a growth of 2.48 percent.

The shares of the IT giant fell more than 4 percent after posting lower-than-expected quarterly earnings.

However, for the Quarter4 (Q4) ending Mar 31, 2011 the company expects the revenues to be in the range of Rs 7157- Rs 7,230 crore.

After announcing the result, CEO and MD of the company, Mr Gopalakrishnan stated, "The weaker economic recovery in developed markets coupled with high unemployment and risk of sovereign default could impact industry growth. We are closely working with our clients, as they fine tune their strategies for the future."

OneIndia News