BANGALORE: Indian software services leader Infosys Technologies Ltd. has not
faced any pressure from existing clients on billing rates following a slowdown
in the US economy, its finance chief was quoted on Friday as saying.
"As of today, Infosys has not faced any pressure from existing clients
to reduce billing rates," Chief Financial Officer Mohandas Pai said in an
interview published in The Business Standard newspaper. The Nasdaq-listed
Infosys rattled markets last April when it warned that its revenue would grow by
just 30 per cent in 2001/02 (April-March), down from an average of 90 percent in
the past four years.
It later told US regulators that raising billing rates would be a
"challenge in the current environment." Infosys caters to high-flying
global clients like Cisco Systems Inc and Nortel Networks Corp. About 74 per
cent of Infosys' revenues came from North America in the past financial year.
Infosys is India's second largest software exporter and will announce its
first quarter results for 2001/02 on July 10. ($1 = 46.99 rupees).
(C) Reuters Limited 2001.