Thursday, 11 October 2007

Infosys Grows 19% Despite Rising Rupee

India’s second largest IT services company Infosys has said its profit in the second quarter rose 18.8 per cent, despite a rising rupee, as the company managed to offset the impact....

India’s second largest IT services company Infosys has said its profit in the second quarter rose 18.8 per cent, despite a rising rupee, as the company managed to offset the impact.

The net profit was Rs. 10.91 billion (USD 271 million) in the July-September period from Rs. 9.18 billion in the same quarter a year ago.

Revenues from software services for the Bangalore headquartered company rose 19 per cent to Rs. 41.1 billion (USD1.02 billion). In the three months period, Infosys added 48 new clients that also included Dutch electronics major Royal Philips that placed a USD250 million order with Infosys in July to handle its finance and administration.

The Nasdaq listed company said higher billing rates, better utilisation of staff and hedging helped it gain better than expected profit.