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By Laton McCartney
Infosys Technologies Ltd., India's No. 2 software services exporter, posted a 29% rise in quarterly profit last week, beating market forecasts, boosted by a weaker rupee.
Net profit rose to 16.13 billion rupees in January-March, its fiscal fourth quarter, from 12.49 billion reported a year ago.
Revenue for the same period, however, was down 2% to $1.12 billion. V. Balakrishnan, chief financial officer at Infosys Technologies, said: "We improved our operating margins during fiscal 2009 despite a very difficult global economic environment combined with highly volatile currency markets. We have a strong balance sheet with cash and cash equivalents of over $2 billion."
Infosys says it has not lost any clients, and actually gained almost 40 new customers during the most recent quarter. In many instances, however, these clients have placed the new work on hold until the economy turns around.
In the meantime, Infosys has cut back on travel and is holding off on all raises. It does not plan to lay off software professionals for the year, CEO S. Gopalakrishnan told The Economic Times. As noted in CIOZone, it is also looking to make potential acquisitions.
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