India's Infosys says quarterly profit up 1.6 pct, but warns of steep revenue drop
By: ERIKA KINETZ
Associated Press
07/10/09 1:00 AM EDT
MUMBAI, INDIA — Indian outsourcing bellwether Infosys Technologies Ltd. reported a slight rise in quarterly profit in dollar terms but warned of a steep drop in revenue as its global clients struggle to cope with the economic slowdown.
Infosys, India's second largest outsourcing firm, earned $313.0 million in net income for the quarter ended June 30 based on international accounting standards, a rise of 1.6 percent from a year earlier, it said Friday.
Revenues for the period fell 2.9 percent to $1.22 billion.
The company said revenues would decline by 7.1 percent to 8.7 percent, to between $1.11 billion and $1.13 billion, in the current quarter.
"We believe that in the short term the global economic environment will continue to be challenging," chief executive S. Gopalakrishnan said in a statement.
