Infy confident of crossing $2 bn mark in 2005-06 | india | Hindustan Times
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Infy confident of crossing $2 bn mark in 2005-06

The outlook for the fiscal year ending March 31, 2006 for Infosys puts consolidated revenues at $2.14 billion.

india Updated: Mar 12, 2006 15:34 IST

It took 23 years for Nasdaq-listed Infosys Technologies to achieve the symbolic $1 billion revenue, but the company is confident of crossing the two billion dollar mark in just two years.

"We continue to grow... We are on target... We said we will cross more than two billion dollar (revenue) this year... we hope to accomplish that", Infosys CEO, MD and President Nandan Nilekani said.

On the revenue expectations for fiscal 2006-07, he said he would be able to give an idea on April 14 when it announces the results for 2005-06.

The outlook for the fiscal year ending March 31, 2006 for Infosys puts consolidated revenues at $2.14 billion, a Year-on-Year growth of 34.6 per cent.

In 2003-04, the company achieves the milestone revenue of Rs 4850.95 crore while in 2004-05, its revenue was Rs 7129.65 crore.

Last year, Infosys and TCS bagged the biggest ever IT outsourcing deal from global banking major ABN Amro valued at Euro 1.8 billion (USD 2.22 billion) along with other vendors like IBM, Patni Computers and Accenture.

According to Infosys, this is the single-largest, multi-year multi-million Euro contract ever won by the company and the company's share of the overall contract includes committed volumes in North America, Europe and Asia Pacific.

Infosys, which also has a product -- Finacle -- for banking and financial services sector, is also embarking on a strategy to productise its IT services.

"We will now move up the value chain and use the intellectual property to package services in a repeatable fashion and that would be what we will call as products.