The company expects to keep growing in 2003 even as global IT budgets are flat, but has warned it is braced for the negative impact of a war in Iraq.
Govt Okays Infosys Plan To Increase ADS
New Delhi: The government on Monday approved a plan by Infosys Technologies Ltd to boost its number of American Depository Shares (ADS) to between 6.27 per cent and 7.78 per cent of its capital. Right now, the Bangalore-based software bluechip company has ADS amounting to 3.25 per cent of its capital, a statement by the commerce and industry ministry said.
Infosys said earlier this month it hopes to achieve full-year sales in the fiscal year to end-March of $740-743 million, an increase of some 36 per cent over the previous year. This sales growth will be achieved in a year when information technology spending has been virtually flat, and many IT managers were awarded bonuses if they did not spend all of their flat budgets. Infosys has benefited from this development because it offers software development and IT services from Bangalore, where it employs skilled engineers at a fraction of the cost in Europe and the United States.