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Infosys Technologies reported a 3.6% decline in third-quarter net profit and forecast an 8.3% to 9% fall in fourth-quarter earnings per share
Infosys Technologies Ltd, India's second-largest software services exporter, on Tuesday reported a 3.6% decline in third-quarter net profit year-on-year and had forecast an 8.3% to 9% fall in fourth-quarter earnings per share.
Its revenues for the third quarter ended 31st December was Rs5,741 crore, a 0.8% fall from a year ago. However, the company forecast a 0.7% to 1.5% year-over-year growth in income for the next quarter.
"Global economic recovery seems to be led by the US and the financial services (industry). Even though IT budgets are expected to be flat in 2010, offshore outsourcing is expected to benefit from this recovery," Infosys chief executive officer S Gopalakrishnan said in a statement.
For the third quarter, the company posted net profit of Rs1,582 crore, compared with Rs1,641 crore a year ago. Its net profit grew 2.7% sequentially.
The company expects earnings per share of Rs25.60 to Rs25.80, on revenues of Rs5,675 crore to Rs5,721 crore for the fourth quarter ending 31st March.