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Infosys profit misses expectations

Friday, October 12, 2012 » 08:32pm


 
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Profit at India's Infosys Technologies have risen 4.9 per cent in dollar terms for the September quarter, the company says, missing expectations as its global clients struggle with economic uncertainty.

Net income for the September quarter was $US431 million ($A422.07 million). Revenue grew 2.9 per cent from a year ago, to $US1.78 billion.

The numbers were below expectations. Analysts surveyed by FactSet had forecast net income of $US444.6 million on sales of $US1.86 billion.

The outsourcing bellwether said revenue for the year ending in March will likely grow 5 per cent in dollar terms to at least $US7.34 billion.

Adjusting for currency fluctuations, its revenue growth forecast is about 0.3 percentage point lower than its July projection.

'Global economic uncertainties continue to face the industry,' chief executive S.D. Shibulal said in a statement on Friday.

The company also announced the surprise resignation of its chief financial officer, V. Balakrishnan. Rajiv Bansal, currently the vice president of finance, will replace him on November 1.

 
 
 
 
 
 
 
 
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