Infosys CEO Shibulal speaks to newspersons
INDIAN IT outsourcer Infosys said on Friday (October 12) net profit rose 24.3 per cent in the three months to September, but warned of uncertainties for the industry in the face of slowing global economic growth.
Consolidated net profit for the fiscal second quarter rose to Rs23.7bn ($450m/£280m) from Rs19.06bn ($360/£225m) a year earlier, the Bangalore-based firm said in a statement to the Bombay Stock Exchange.
“Global economic uncertainties continue to face the industry,” said chief executive S D Shibulal in a statement.
Shares in the group fell 7.56 percent to Rs2,340 ($44.44/£27.72) in early trade Friday after the firm kept its forecast for full-year revenues unchanged, reiterating that it expected a 5.0 per cent rise.
Revenues rose 21.7 per cent to Rs98.58bn ($1.8bn/£1.16bn) for the second quarter.
Most of India’s IT outsourcing firms say the outlook for the industry remains difficult because of uncertainty in the key US and European markets.
Infosys last month announced it had agreed to buy Zurich-based consulting firm Lodestone for $350m (£218m), which would add more than 200 clients across industries to Infosys’ clientbase.
Shibulal called the deal a “transformational acquisition”.
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