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Infosys reports 21% rise in quarterly profit Infosys reports 21% rise in quarterly profit
(about 3 hours later)
Infosys, India's second-largest software firm, has reported a 21% increase in quarterly profit and maintained its revenue growth forecast.Infosys, India's second-largest software firm, has reported a 21% increase in quarterly profit and maintained its revenue growth forecast.
Net profit for the quarter rose to 28.86bn rupees ($481m) from 23.74bn rupees a year earlier.Net profit for the quarter rose to 28.86bn rupees ($481m) from 23.74bn rupees a year earlier.
The figure beat analysts' expectations and shares in the company jumped 4% on the Bombay Stock Exchange.The figure beat analysts' expectations and shares in the company jumped 4% on the Bombay Stock Exchange.
The IT outsourcing company recently appointed German technology veteran Vishal Sikka as its chief executive. The IT outsourcing company recently appointed technology veteran Vishal Sikka as its chief executive.
A former board member at SAP, Mr Sikka is the first outsider to run Infosys.A former board member at SAP, Mr Sikka is the first outsider to run Infosys.
Business has been improving for the Indian firm after a difficult period of lower client spending.Business has been improving for the Indian firm after a difficult period of lower client spending.
The company reported revenue of $2.1bn in the quarter, and maintained its forecast for full-year revenue growth at 7-9% in dollar terms.The company reported revenue of $2.1bn in the quarter, and maintained its forecast for full-year revenue growth at 7-9% in dollar terms.
Infosys currently employs 160,000 people, but it admitted that it had been losing employees to competitors and was taking steps to address this.Infosys currently employs 160,000 people, but it admitted that it had been losing employees to competitors and was taking steps to address this.
"Employee attrition rates are worrisome and we are implementing various initiatives to retain good talent", said chief operating officer U. B. Pravin Rao."Employee attrition rates are worrisome and we are implementing various initiatives to retain good talent", said chief operating officer U. B. Pravin Rao.
Infosys is seen as a key indicator of the health of India's IT outsourcing industry, which is valued at more than $100bn.Infosys is seen as a key indicator of the health of India's IT outsourcing industry, which is valued at more than $100bn.