Indian outsourcing giant racks up $1bn
Published: 14 Apr 2004 10:50 BST
Infosys Technologies, a leading Indian software and services company, has crossed the billion-dollar threshold with its revenue for fiscal 2004.
For the year that ended 31 March, the company on Tuesday reported a net income of $270m (£149.5m) on revenue of $1.06bn. That's up from the preceding full-year results of $195m in net income and $754m in revenue.
For the fiscal year that's just begun, Infosys expects revenue to grow approximately 30 percent, to between $1.38bn and $1.39bn.
The company's revenue for the fourth quarter was $302.7m, an increase of 40 percent from $216m during the same quarter last year. Net income for the Bangalore-based company during the fourth quarter was $76.8m, or 58 cents per share, up from last year's $53.1m, or 40 cents per share.
Analysts had expected, on average, earnings of 56 cents per share for the company, which trades on the Nasdaq, according to figures from Thomson First Call.
During the fourth quarter, the company and its subsidiaries added 38 new clients. Over the course of the year, Infosys said, new customers included a major consumer electronics retailer, a trade management solutions provider and a major apparel retailer. The company said that three of its customers provide revenue of $50m each.
Last week, Infosys announced that it is setting up a US-based business consulting unit, an effort that may help to ease concerns about offshore outsourcing. The unit, to be called Infosys Consulting, plans to hire roughly 500 workers during the next three years.
"We have made substantial investments to enhance our end-to-end capability and expand our global footprint to new markets like Australia and China," said S. Gopalakrishnan, chief operating officer of Infosys, in a statement. "Our investment in Infosys Consulting will enable us to leverage our global delivery model in the consulting space to offer better value to our clients."
Infosys said that, as of 31 March, it had a total of 25,600 employees in all its units.
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