Indian tech giant Infosys reports profits beating expectations; Sales rise 2% to $4.76 Billion!
By Tarry Singh at 12 January, 2010, 10:30 am
What can I say. These Indian giants are on a masive track and I must believe Gartner’s predictions that these Indian giants will loom large at their European and U.S counterparts as they get more agile and start picking up the tracks where most U.S and European firms keep struggling with their cost-cutting spree.
Infosys Technologies Ltd. reported profit that beat analysts’ estimates and raised its annual revenue forecast as the global economic recovery spurs software orders, sending the shares to their biggest gain in two months.
India’s second-largest software exporter said sales may rise as much as 2 percent to $4.76 billion in the year ending March 31, reversing a prediction of a 1.3 percent drop. Net income was 15.8 billion rupees ($348 million) in the third quarter, more than the 14.8 billion rupee median of 27 analyst estimates compiled by Bloomberg.
Infosys led gains for software exporters in Mumbai trading as the forecast fanned optimism that India will gain from a rebound in global technology spending. Chief Executive Officer S. Gopalakrishnan said the U.S. and financial-services industry are leading an economic recovery, benefiting sellers of offshore computing services.
“Infosys sets the tone for the sector,” said Apurva Shah, head of research at Prabhudas Lilladher Pvt. in Mumbai. “The software sector has shown consistent improvement since the first quarter and will continue to do so for the next few quarters.”
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