Infosys Q4 net jumps 21%, misses expectations
Country's second-largest software exporter, Infosys
Technologies Ltd, reported a 20.6 per cent rise in its quarterly net
profit on Friday, bolstered by a strong growth in orders from overseas clients.
Nasdaq-listed Infosys posted a net profit of Rs 673 crore ($148.9 mn) in the three months ended March, versus a revised Rs 558 crore a year ago.
That compared with a median net profit of Rs 689 crore in a Reuters poll of 10 analysts.
Infosys also announced a bonus
issue, its ninth, in the ratio of one share for every held.
The Bangalore-based firm, which counts ABN AMRO Bank as one of its clients, has been instrumental in raising the global profile of India's software industry, that depends on a growing army of low-cost, English-speaking engineers.
The sector's software services revenues are expected to cross $23 bn in the year ended March 2006, up more than 30 per cent over last year as companies sign longer-term and large-sized contracts.
Infosys, which listed on the Indian markets in June 1993, was the only stock in the 30-issue main index to post a fall in the past quarter. It declined 0.5 per cent against the stellar 20 per cent gain on the benchmark.
The stock closed 1.8 per cent down at Rs 3,020.80 in a weak market on Thursday. The financial markets are closed on Friday on account of the Good Friday.