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Infosys Quarterly Net jumps 67% |
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Written by Ranganathan
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Friday, 13 April 2007 |
Because of rising outsourcing business by foreign clients, Infosys Technologies Ltd reported a 67 per cent jump in its quarterly profit.
The quarterly result of the country’s second-largest software exporter has beaten analysts’ estimations.
The company stated that it made a net profit of Rs 1124 crore in the three months ended March, as against Rs 673 crore in the corresponding period of its previous year.
As top software companies Infosys and Tata Consultancy Services Ltd. made profit from low-priced labour to grasp international outsourcing deals, India’s software services exports are expected to reach 33 percent to $31.3 billion in 2006/07, and beat $60 billion by 2010.
Nandan Nilekani, CEO and MD, Infosys said, “Our revenues grew by around $ 1 billion this year. The global IT services industry continues to show strong growth with exciting opportunities, and Infosys is well positioned to take advantage of this.”
Infosys and its subsidiaries appended 5,992 employees in the same quarter and plans to employ 30,946 more during the year ended March 2007.
The company’s board has also made changes at the senior level management, with Nandan Nilekani becoming Board Co-Chairman, and S Gopalakrishnan would assume the role of Chief Executive Officer and Managing Director, and S D Shibulal the Chief Operating Officer of the NASDAQ-listed software major.
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