Infosys Q2 net up 30 pct, beats forecast

Reuters
Posted: Friday, Oct 10, 2008 at 0925 hrs IST
Updated: Friday, Oct 10, 2008 at 0925 hrs IST

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Bangalore, October 10: : Infosys Technologies, India's second-largest software services exporter, posted a 30.2 per cent jump in quarterly profit, helped by a weaker rupee, beating market forecasts.

Infosys, which develops applications, designs supply chains and offers back-office services, said July-September consolidated net profit rose to 14.32 billion rupees ($291 million) from 11 billion rupees a year ago.

A Reuters poll of brokerages had estimated net profit of 13.99 billion rupees for Infosys, which has ABN AMRO, Goldman Sachs and Philips Electronics among its clients.

India's export-driven software service firms, who were used to a scorching pace of growth, have been badly hit by a slowdown in their main US market and a spreading financial crisis.

Shares in Infosys, whose takeover bid for British consultancy Axon Group has been upstaged by a counter offer from a smaller Indian rival, fell 19 per cent in July-September, worse than a 4.5 per cent fall in the main Mumbai index.

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