Infosys' 3Q Net Profit Surges 58 Percent
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India's second largest software exporter, Infosys Technologies Ltd., said Wednesday that net profit for its fiscal third quarter rose 58 percent to &#36;112 million.
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(InfoWorld) - Indiaâs outsourcing industry continues to do well despite theÂ appreciation of the Indian rupeeÂ against the U.S. dollar and higher staff costs. Indiaâs second largest outsourcer, Infosys Technologies, Wednesday revised slightly upwards its revenue forecast for its fiscal year to next March 31. The company said it expects revenue to grow by 29 to 31 percent during the year to between $4 billion and $4.05 billion. Infosys, of Bangalore,Â said in AprilÂ that it expected its revenue to grow by 28 to 30 percent to about $4 billion during the year. The company, which is listed both on Indian and U.S. stock exchanges, has however revised downward its revenue forecast in rupees, to take into account the appreciation of the rupee. Indiaâs software and services exports areÂ projected to growÂ by 26 to 29 percent to about $40 billion in the fiscal year to next March 31, India's National Association of Software and Service Companies (Nasscom) said this month. The countryâs revenue from exports of software and services and business process outsourcing (BPO) grew 33 percent to $31.3 billion in the fiscal year to last March 31, according to Nasscom in Delhi. The appreciation of the Indian rupee against the U.S. dollar pushes down rupee realizations for revenue earned abroad by Indian companies, even as staff costs in India are going up. The U.S. is the largest market for Indian outsourcers, accounting for about 66 percent of export revenue. Indian outsourcing companies seem to be holding out well against the pressures. Infosys of Bangalore has maintained its net margins despite the rupee appreciation, higher wages, and costs of visas to the U.S., the company said Wednesday, while announcing its results for the quarter ended June 30. iGate Global Solutions, a mid-size outsourcer in Bangalore, also said Wednesday that it had nearly doubled its operating margins in the quarter over the same quarter last year, despite a stronger rupee, on account of higher rates from customers, higher utilization, and increased use of offshore delivery of services. In the quarter ended June 30, Infosys posted revenue of $928 million up by 40.6 percent over the same quarter last year. The company's profits for the quarter were $263 million up by 51 percent from the same quarter last year. Infosysâ results are in compliance with US GAAP ( Generally Accepted Accounting Principles). The company added 35 new clients and 3,730 employees during the quarter taking the total number of employees as on June 30 to 75,971. Infosys plans to hire 26,000 more staff during the current fiscal year. Infosys and other Indian outsourcers compete with multinational services companies such as Accenture and IBM, which have set up offshore services delivery centers in India to take advantage of the lower cost of staff in the country. There is, however, enough business going around for both Indian and multinational companies, according to Indian outsourcers. The crunch comes in relation to hiring new staff. Wipro, Indiaâs third largest outsourcer will be announcing its results for the quarter next week.
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ADC Telecommunications Inc.  posted a sharp increase in quarterly profit on Wednesday, beating expectations, and gave a forecast that topped current estimates, sending shares 3 percent higher.
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Third-quarter cuts in the tech sector shot up 60 percent from the previous quarter, an employment services company reports.
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Aided by strong international growth and better-than-expected back-to-school sales, eBay reported robust third-quarter earnings Wednesday as profit surged 77 percent over last year.
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NEW YORK -- Defense electronics contractor L-3 Communications Holding Inc.&#39;s earnings jumped 35 percent in the third quarter on strong sales growth across most of its business lines.
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India's fourth-biggest software exporter, Satyam Computer Services, said that third-quarter net profit rose 19.8 percent, driven by an outsourcing boom.
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Indian software group Infosys turns in a 50% jump in profits as more companies hire it to run their technical support services.
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Shares of Oracle Corp. surged more than seven per cent Wednesday after the software maker topped Wall Street&#39;s profit forecast.
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Announced job cuts in the technology sector soared 60% in the third quarter to 54,701, the highest figure since the fourth quarter of 2003 (82,328).
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The companyâs third-quarter profit beat expectations, lifted by an extra week of holiday shopping and sales of video game consoles and GPS devices.
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Wipro, one of India's leading software exporters, reports a 60% rise in profit, topping market expectations.
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Google Inc.'s third-quarter profit soared 46 percent to hurdle the enormous expectations that have elevated the Internet search leader's stock price by more $100 during the past month.
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Energy giant BP, the world's third-biggest oil major, reported on Tuesday that its fourth-quarter net profit jumped sharply due to higher prices and volumes.
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LG Electronics Inc., South Korea&#39;s second-largest electronics maker, reported third-quarter profit rose 36 percent, better than analysts expected, after selling a record number of mobile phones.
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Infosys sees profits jump after winning a batch of new business but its shares fall on concerns about future sales.
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Oracle Corp. , the world's third-largest software maker, reported on Tuesday higher quarterly profit as sales of products it acquired over the past year helped boost earnings.