Infosys reports 14.1% net profit rise | business | Hindustan Times
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Infosys reports 14.1% net profit rise

business Updated: Jan 13, 2011 21:46 IST

AFP
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Software exporter Infosys posted on Thursday a 14.1% rise in consolidated net profit, lagging forecasts as a strong rupee and wage costs offset improved outsourcing demand.

Net profit for the Nasdaq-listed firm rose to 17.8 billion rupees ($397 million) during the three months to December from 15.6 billion rupees a year earlier.

Revenues, by international accounting norms, for the Bangalore-based outsourcer rose 24% to 71.06 billion rupees, the company said in a statement to the Mumbai stock exchange.

Analysts had expected Infosys, India's second largest software exporter, to show an 18% rise in quarterly profit.

Infosys shares fell 3.2%, or 106 rupees, to 3,268 rupees in early trade after the earnings were announced.

The company, which is closely watched by investors as a barometer for the country's technology sector, added 40 clients and a net 5,311 staff in the quarter.