India’s Infosys bumps growth forecast on high client spending

AFP | New Delhi

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Indian IT giant Infosys raised its annual growth forecast yesterday for the second time his year after recording a 4.7 percent on-year rise in net profit for the September quarter. The results indicate a steady increase in client spending at India’s second-largest software services exporter, which earns more than 80 percent of its revenue from Western markets. Infosys earned $777 million (65.06 billion rupees) in net profit for the quarter, beating expert estimates, while onyear revenue was up 3.7 percent to $4.89 billion.

“The growth was broad-based with good momentum in financial services,” chief executive Salil Parekh told reporters. “Our large deals at $2.4 billion... reflect our differentiated position.” Headcount, a key metric for company performance in India’s competitive IT sector, increased for the first time in seven quarters. Infosys added nearly 2,500 employees in the last quarter, after having ended the previous one with almost 2,000 fewer.