Profits up 10% at India's Infosys

India's second-largest software services exporter Infosys reported a 10.3-percent rise in quarterly profits on Tuesday, beating estimates thanks to a slew of major new deals.

"We are delighted with our broad-based across all business segments and geographies during the quarter," Infosys chief Salil Parekh said in a statement.

Net profit in the three months to September 30 came in at 41.10 billion rupees ($558.04 million), above the 37.26 billion rupees in the same period last year.

"Large deal wins at over $2 billion during the quarter demonstrate our increased client relevance and also give us better growth visibility for the near-term," Parekh added.

It maintained its forecast for earnings growth of six to eight percent in dollar terms for the current fiscal year.

India's $150-billion IT sector has long been one of its flagship industries but is facing upheaval in the face of automation, new technologies and visa restrictions.

Shares of Infosys fell over one percent Tuesday ahead of the earnings announcement, which came after the local stock market closed.

Infosys competitor and India's largest IT services firm Tata Consultancy Services earlier reported a 22.6 percent rise in quarterly earnings.


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© 2018 AFP

Citation: Profits up 10% at India's Infosys (2018, October 16) retrieved 18 August 2019 from https://phys.org/news/2018-10-profits-india-infosys.html
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