Bangalore: Fourth quarter figures and a pessimistic business outlook from Indian IT services consultancy Infosys, released yesterday, underline how challenging global markets remain.
Highlights of Infosys'consolidated results:
- Revenues for the fourth quarter to March 31, 2012, were $1,771 million. QoQ decline was 1.9%; YoY growth was 10.5%
- Net income was $463 million. QoQ growth was 1.1%; YoY growth was 15.2%
- 52 clients were added during the quarter by Infosys and its subsidiaries
- Gross addition of 10,676 employees (net addition of 4,906) in the quarter
- Group had 149,994 employees on March 31
"The year ahead looks challenging for the IT services industry, with slow recovery in the global
markets," said S. D. Shibulal, CEO and Managing Director. "We are executing on our Infosys 3.0
strategy which is meant to deliver high quality growth in the medium to long term. We are making
investments and have put in place a structure to deliver on this strategy."
Pessimistic business outlook
Infosys shares fell by over 10 per cent when it lowered its business outlook; the firm says it expects revenues to grow by 6-7% in the current quarter, and by 8-10% in the year to next March, which is up to 5% less than some analysts were predicting, and well below the sector growth average.