Monday, January 11, 2010

Infosys Q3 Net Dips 3.6% To Rs 1,582 Cr (USD $337 Mln)

. Monday, January 11, 2010

By stockOzone team

Software major Infosys Technologies on Tuesday reported a 3.6% decline in consolidated net profit at Rs 1,582 crore for the third quarter ended December 31, 2009.

Income from software services, products and business process managment stood at Rs 5,741 crore during the quarter, a marginal decline over Rs 5,786 crore in the year-ago period as per Indian accounting rules, Infosys said in a filing to the Bombay Stock Exchange.

"We maintained our margins while our cash and cash equivalents reached USD 3.1 billion," Infosys Chief Financial Officer V Balakrishnan said.

The company added 32 new clients during the quarter. "The contribution to our revenues from our top ten clients grew by 12.2% during the quarter," Infosys Chief Operating Officer S D Shibulal said.

During the quarter, the company made a net addition of 4,429 employees. As on December 31, 2009, the company had 1,09,882 employees.

"Global economic recovery seems to be led by the US and the financial services. Even though IT budgets are expected to be flat in 2010, offshore outsourcing is expected to benefit from this recovery," Infosys Technologies CEO and Managing Director S Gopalakrishnan said.

Shares of Infosys were trading higher 2.37% at Rs 2,547.50 on BSE in morning trade.

Disclosure: Author does not own any of the stocks discussed here.

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