Indian outsourcer Infosys powers ahead
Software services company reports revenue of more than $1 billion
Follow @infoworldInfosys Technologies Ltd., India's largest publicly-held software services company, increased profit by 38.7 percent to $270 million for its 2003-2004 fiscal year ended March 31, 2004, the company said Tuesday in a statement.
The company also increased revenue by 41 percent to $1.06 billion, breaking the $1 billion barrier for the first time, it said. Infosys reached the $100 million revenue barrier in 1999 and $500 million in 2002.
Bangalore-based Infosys is an IT consulting and software development company, which makes an estimated 70 percent of its revenue from U.S. clients and hence is one of the companies at the center of the current "offshoring" debate.
It has gathered a strong portfolio of overseas clients in industries such as telecommunications, retail and distribution, transportation, financial services and utilities.
The company recently signed a number of contracts with financial services companies in Asia: Thailand's Exim Bank will use Infosys' Finacle product, and Infosys will partner with Microsoft Corp. and Intel Corp. to provide electronic banking systems to banks in the Philippines.
Despite pressure from competitors and the rise in the Indian currency, Infosys expects to post 30 percent revenue growth over the next fiscal year and 27 percent profit growth, the company said.
