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Infosys set on road to full recovery after strong Q3 performance

S D Shibulal

Bangalore: India's third biggest IT consultancy Infosys looks set for recovery after delivering better-than expected third quarter figures and raising its full year outlook.

In the three months to the end of December 2013:

  • Net profit was $463 million — up 6.7%
  • Revenues were up 9.9% to $2,100 million
  • Infosys and its subsidiaries added 54 clients
  • Infosys added 6,682 employees, to 158,404.

"The year ahead looks exciting for the IT services industry. We believe the global economic environment has improved and our clients are gaining confidence to invest in their strategic initiatives," said S. D. Shibulal, CEO and Managing Director.

"We continue to differentiate ourselves to seize growth opportunities. The recent changes in organizational structure will enable us to strengthen client relationships and increase market share."

Infosys earnings in the quarter were well ahead of analyst expectations, and it has lifted its full year outlook: revenues are now expected to grow 11.5%-12.0%.

The results mark a strong recovery in Infosys' recent fortunes. Last year founder NR Narayana Murthy was forced to come out of retirement to lead the firm again — and there are reports that he intends to hive-off its IT consulting business into a separate subsidiary.

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