India's second largest software exporter, Infosys Technologies, reported that its third quarter net profit rose 51.5 percent as it picked-up more business from companies abroad.
BANGALORE: India's second largest software exporter, Infosys Technologies, reported that its third quarter net profit rose 51.5 percent as it picked-up more business from companies abroad.
Net profit for the Nasdaq-listed firm rose to 9.83 billion rupees (218 million dollars) from 6.49 billion rupees during the three months to December with revenue up 44.4 percent at 36 billion rupees, it said in a statement.
"As our clients focus on enhancing their competitiveness they are leveraging our capability to drive their transformation programmes," said Nandan Nilekani, Chief Executive Officer.
The net profit was slightly above forecasts of a 51 percent gain, but the shares fell 14.75 rupees or 0.52 percent in early trade despite gains on the Mumbai stock exchange where the benchmark was up 0.59 percent.
Infosys, which added 43 clients during the quarter, said earnings per share increased to 17.64 rupees from 11.85, a growth of 48.9 percent. It boosted its annual revenue guidance for the year ending March 2007 to 139.1 billion rupees (3.08 billion dollars), which would be a gain of 46.1 percent over the previous year.
It also hiked its earnings per share forecast to 66.6 rupees, up 48 percent. "We have delivered double-digit revenue growth in dollar terms for the third consecutive quarter during this fiscal year. We have seen accelerated growth in Europe, which continues to be a key focus market for us," said S Gopalakrishnan, chief operating officer.
Infosys became the first Indian company to breach the billion-dollar-revenue threshold in the financial year ended March 2004. In the fiscal year ending March 2006 it crossed the two-billion-dollar revenue mark.
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