Infosys posts US$397mn in net profits for fiscal Q3

Friday, January 14, 2011

Indian IT firm Infosys (Nasdaq: INFY) recorded net profits of US$397mn during its fiscal third quarter 2011, ended December 31, 2010 - up 6.1% sequentially and 16.9% year-on-year, according to a company statement.

The firm posted revenues of US$1.59bn during fiscal Q3, seeing 6.1% sequential growth and 18.9% year-over-year.

During the quarter, Infosys and its subsidiaries added 50 clients and a net 5,311 employees, bringing the total employee count to 127,779 as of December 31. Infosys highlighted its growing global expansion and efforts to branch into new areas, as well as investments in new products and services.

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For the fourth fiscal quarter, Infosys expects to see revenues between US$1.601bn and US$1.617bn, which would make for year-over-year growth of 23.5-24.8%. For the full fiscal year, the firm expects to see total revenues between US$6.04bn and US$6.06bn - growth of 25.7-26.1%.

Weaker economic recovery in developing economies, high unemployment and the risk of sovereign default could impact the industry's growth, according to Infosys CEO and general manager S Gopalakrishnan.

Infosys has more than 50 offices worldwide, while in Latin America it has physical operations in Brazil and Mexico.

Follow this link for the full statement.