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Infosys drops forecast despite strong third quarter.


Bangalore: Indian IT services group Infosys yesterday reported a 33 per cent increase in net profits
to 23.72bn rupees ($459m) in its third quarter to the end of December and a 31 per cent rise in revenues, to 93bn rupees ($1.8bn)

However the firm, which does most of its business internationally, also downgraded its full year estimate; it now expects full year revenues to grow around 16% to $7.0bn.

"The global economy, driven by slower growth in developed markets coupled with the European crisis, could impact the growth of the IT industry," said S. D. Shibulal, CEO and Managing Director.

"Notwithstanding short-term challenges, we are focused on long-term growth opportunities by investing in platforms and solutions — which will accelerate innovation, enhance returns for our clients and deliver higher business value."

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