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Infosys raises sales outlook as it reports earnings jump | Infosys raises sales outlook as it reports earnings jump |
(35 minutes later) | |
Infosys has raised its full-year sales outlook as it reported a 21% rise in earnings for the three months to December compared with a year earlier. | Infosys has raised its full-year sales outlook as it reported a 21% rise in earnings for the three months to December compared with a year earlier. |
The company reported net profits of 28.75bn Indian rupees ($463m; £281m) for its fiscal third quarter. | The company reported net profits of 28.75bn Indian rupees ($463m; £281m) for its fiscal third quarter. |
For the year to March, it now expects a 12% rise in revenues, compared with a previous estimate of 10%. | For the year to March, it now expects a 12% rise in revenues, compared with a previous estimate of 10%. |
Much of the company's turnaround is being attributed to the return of founder N R Narayana Murthy. | Much of the company's turnaround is being attributed to the return of founder N R Narayana Murthy. |
Mr Murthy returned as the company's chairman in June last year, nearly 10 years after he had given up executive control. He rejoined at a time when Infosys was suffering from shrinking revenues, rising employee attrition and sinking morale. | Mr Murthy returned as the company's chairman in June last year, nearly 10 years after he had given up executive control. He rejoined at a time when Infosys was suffering from shrinking revenues, rising employee attrition and sinking morale. |
The company's performance has also been boosted by an economic revival in US and Europe, which has led to more demand for outsourcing services. | The company's performance has also been boosted by an economic revival in US and Europe, which has led to more demand for outsourcing services. |
New clients | New clients |
In a statement released with the latest earnings, S D Shibulal, chief executive and managing director at Infosys said: "The year ahead looks exciting for the IT services industry. We believe the global economic environment has improved and our clients are gaining confidence to invest in their strategic initiatives." | In a statement released with the latest earnings, S D Shibulal, chief executive and managing director at Infosys said: "The year ahead looks exciting for the IT services industry. We believe the global economic environment has improved and our clients are gaining confidence to invest in their strategic initiatives." |
India's second biggest software services exporter added 54 new clients in the final three months of last year. | India's second biggest software services exporter added 54 new clients in the final three months of last year. |
It now serves over 150 active customers, and its client list includes Bank of America as well as the UK's BT Group. | It now serves over 150 active customers, and its client list includes Bank of America as well as the UK's BT Group. |
Infosys is seen as a key indicator of the health of India's IT outsourcing industry, which is valued at more than $100bn. |
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