Infosys in third quarter profits

Mysore: Infosys Technologies posted a net profit of Rs.1,582 crore (Rs.15.82 billion/$347.5 million) for the third quarter (Oct-Dec) of this fiscal (2009-10), registering a decline of 3.6 percent year-on-year (YoY), as per the Indian accounting standard.

In a regulatory filing Tuesday, the IT bellwether said consolidate income during the quarter under review (Q3) also marginally declined 0.8 percent YoY to Rs.5,741 crore (Rs.57.41 billion).

Under the International Financial Regulatory System (IFRS), net income marginally increased by 0.6 percent YoY to $334 million and revenue by 5.2 percent YoY to $1.23 billion.Encouraged by better performance in the third quarter, the company projected a consolidated income of Rs.5,698 crore (Rs.56.98 billion) for fourth quarter (Jan-March) of this fiscal (FY 2010), a growth of 1.5 percent YoY, as per the Indian accounting standard.

Infosys chief executive S. Gopalakrishnan said, "Offshore outsourcing is expected to benefit from the global economic recovery even though IT budgets are projected to be flat in 2010."

The contribution to company' revenues from its top 10 clients grew by 12.2 percent during the quarter and our clients are taking decisions much faster. Chief Operating officer S.D. Shibulal said,"Our focus on new engagements models was strengthened by the launch of Flypp, the latest technology platform for telecom service providers during the quarter."

The company and its subsidiaries added 32 clients for the quarter as against 35 in second quarter and 30 in the third quarter a year ago.

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