Riding on outsourcing boom, Infy Q3 profit up 24%

BANGALORE: Infosys Technologies has posted a 24.4 percent rise in its profits on a boom in outsourcing business, but was still below market expectations. Infy posted a net profit of Rs 256 crore ($53.4 million) or earnings per share of Rs 38.22 in the fiscal third quarter ended December 31. That compared with a profit of Rs 206 crore, or Rs 31.06 a share, in the year-ago period.

Revenue surged 45 percent to Rs 959 crore. The results came below a median profit of Rs 267 crore, forecast by 12 analysts polled in a Reuters poll released earlier this week.

The software giant Infosys Technologies added 23 new clients in October-December, up from 18 it acquired in the preceding quarter, the Bombay Stock Exchange (BSE) said.

Meanwhile, the company has also upped its full-year software income forecast. It estimates its fourth-quarter earnings per share at between Rs 39.10 and Rs 39.40. For the full year to March 2003, the company expects software income of between Rs 35.78 and Rs 35.92 billion.

Infosys, the flag-bearer of India's software revolution, estimated full-year earnings per share would be between Rs 144.7 and Rs 145.

(US$1 = Rs 47.97)

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