India’s second-largest software exporter , Infosys, on Thursday reported a 33.3% year-on-year growth in net profit at R2,372 crore for the third quarter. However a downward revision of its full-year revenue outlook due to the euro zone debt crisis overshadowed the results, sending the company’s shares down by over 8%.
The software major had posted a net profit of R1,780 crore in the corresponding quarter of the previous fiscal.
Infosys lowered its full-year dollar-based revenue outlook for the current fiscal year from the earlier 17.1% to 16.4%. Robust numbers, muted outlook
“The global economy, driven by slower growth in developed markets coupled with the European crisis, could impact growth of the IT industry,” said SD Shibulal, CEO and managing director, Infosys. ( Read interview )
However, the company will continue investing in platforms and solutions despite macro-economic challenges across the US and Europe, and was not planning to cut down on hiring plans, he said. “We stick to our plan to hire around 45,000 people for the current fiscal year.”
Revenues grew by 31% to R9,298 crore during the quarter compared to the year-ago period. In dollar terms, however, revenues and profits were relatively muted.
Revenues grew by 14% year-on-year and net profit by 15%.
The company added 9,655 employees during the quarter. It’s current employee strength stands at over 150,000.