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Infosys Technologies said Tuesday that it expected its revenue to grow by 19 to 21 percent to US$5 billion in its current fiscal year, ending March 31, 2008.
“Despite concerns about a slowdown in the U.S., India’s second-largest software and services outsourcer also reported revenue of $4.18 billion for the fiscal year ended March 31 this year, a 35 percent increase over revenue in the previous year. The company’s profit for the year was $1.2 billion, up by 36 percent from the previous year. Revenue and profit growth was lower than in the last fiscal year, when the company’s revenue grew by 44 percent, and profits by 53 percent.
The results are based on U.S. generally accepted accounting principles (GAAP).
Infosys’ results come in the wake of increasing cost of staff in India, a strengthening of the Indian rupee against the U.S. dollar, and concerns about a likely slow-down in some segments of the IT market in the U.S. Though there could be short term challenges because of global economic uncertainties, Infosys expects significant growth opportunities in the medium and long term, it said Tuesday.
Infosys’ competitors Wipro and Tata Consultancy Services (TCS) are also expected to report revenue and profit growth later this month.”
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