Infosys Clocks 29.6% Growth in Q2 Revenue Year on Year
Infosys has said that it has achieved growth across all service lines including gains in retail, manifesting and financial consulting services.
The Bangalore- based consultancy firm said that its revenue for the quarter that ended on September 30, 2010 was $ 1.5 billion. This represents a quarter on quarter growth of 10.2% and 29.6% annually.
The profit of Infosys reached to $374 million. This was up from the previous quarter profit by 14.7%. Annually, the profit has been up by 18%.
Analyst expectations have been beat by both the measures of the consultancy firm’s profits in dollar terms. A Thomas Reuters poll had suggested that analysts had a much lesser expectation abut the firm’s performance. A net profit of $346.5 million and revenue of $1.4 billion was expected by them.
S. Gopalakrishnan, who is the CEO and Managing Director of Infosys Technologies, has said in a statement in spite of the economic environment continuing to be challenging, the firm had always depended on leveraging its client relationships, investments and solutions to grow faster in this quarter, and that is the reason for the unexpected surge in profits.
Gopalakrishnan also said that the firm was partnering with its clients “to build tomorrow’s enterprises”.
V. Balakrishnan, who is Chief Financial Officer of the firm, said that the operating margin of the firm improved significantly during the quarter and its liquidity condition also strengthened further with cash and cash equivalents reaching US $3.9 billion.
Balakrishnan also said that the continued global economic uncertainty and the extreme currency volatility is a concern for the industry as a whole.
The firm’s insider’s forecast on the revenue is in the range of $1.547 billion with $1.562 billion as revenue for the next quarter and a growth of 24% to 25% growth for the full year.