Infosys beats estimates, raises annual forecast
12 Jan 2010
Infosys Technologies, India's second largest software exporter beat analysts' estimates and raised its annual sales forecast on an improving global economy led by the US and the financial services sector.
Releasing its Q3 results today, the software giant, which had revenue of $4.6 billion in 2008, reported an income of 5,741 crore, a drop of dropped 0.8 per cent compared to the same period a year ago and net profit after tax was 1,582 core., a drop of 3.6 per cent or 1,641 crore.
This was the first-ever year-on-year decline in Infosys history.
Its other income rose by 478 per cent to Rs231 crore from Rs40 crore in the same period a year ago.
The Bangalore-based company's cash reserves, including investments in liquid mutual funds, has increased to Rs14,449 crore in the Q3 from Rs9,488 crore in the same quarter a year ago.
"We maintained our margins and cash reserves reached $3.1 billion, as rupee appreciated by 3.7 per cent during the quarter," Infosys chief financial officer V Balakrishnan said in a statement.