Infosys Q2 net rises 30 pc, beats forecast
Posted on: 09:41 AM IST Oct 10, 2008
Bangalore: Infosys Technologies, India's second-largest software services exporter, posted a 30.2 per cent jump in quarterly profit, helped by a weaker rupee, beating market forecasts.
Infosys, which , said July-September consolidated net profit rose to 14.32 billion rupees ($291 million) from 11 billion rupees a year ago.
A Reuters poll of brokerages had estimated net profit of 13.99 billion rupees for Infosys, which has ABN AMRO, Goldman Sachs and Philips Electronics among its clients.
India's export-driven software service firms, who were used to a scorching pace of growth, have been badly hit by a slowdown in their main US market and a spreading financial crisis.
Shares in Infosys, whose takeover bid for British consultancy Axon Group has been upstaged by a counter offer from a smaller Indian rival, fell 19 per cent in July-September, worse than a 4.5 per cent fall in the main Mumbai index.