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Infosys Profits Up Despite Uncertainty |
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Concerns that India's outsourcing sector could be damaged by fraud allegations and recent terrorist attacks were alleviated somewhat with positive financial results from Infosys Technologies. The company said profits soared 33% in the third quarter.
By Laton McCartney
Concerns that Satyam's recent financial scandal may be an indication of industry wide outsourcing problems in India were alleviated today (Jan. 13), when Infosys Technologies Ltd. reported record third quarter profits.
Profits soared 33% to $334 million after India's second largest computer-services provider won contracts from new clients seeking to cut costs amid the recession. Among them: a five-year, multimillion dollar deal with AstraZeneca Plc, the UK's second largest drugmaker.
Infosys CEO S. Gopalakrishnan said the company had closed four new deals in the third quarter, all them worth more than $50 million each, and had about ten more in the pipeline.
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