Tuesday, January 13, 2009

Infy beats Street

IT bellwether Infosys Technologies Ltd. (INFY) reported its third quarter earnings today, beating street expectations and showing a rise of 6% in profit. It's revenue rose from $1.08 bn to $1.17 bn (+8%).

In rupee terms, Infosys posted a rise of 33% in its profits, helped by a weak Rupee. Revenues for the quarter stood at over Rs. 5,800 crores, beating expectations.

However, the company lowered its guidance for the year and said that the fiscal 2008-09 would be a bad one overall. The company added 30 new clients in the quarter and also raised its headcount by 5,000 employees. The company is also sitting on a large cash-reserve.

Infosys' Chairman clarified that the company remained unaffected by the Satyam scam.

Infosys shares on the BSE and NSE and its ADS on Nasdaq, rose sharply on the results. 

[With inputs from AP and The Hindu]

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