Infosys beats estimates

Offshoring specialist Infosys is predicting growth of 34 per cent for its full year after posting revenues of $524m for the second quarter ended September 30 2005.

The firm increased sales by 38.3 per cent compared to the same quarter last year. Profits grew 36 per cent in the quarter to $135m. It brought in an extra 34 new customers and recruited a net addition of 6,390 employees, bringing the total to 46,196.

North America accounted for 65.4 per cent of revenues, Europe 23.7 per cent with India making up 1.5 per cent and the rest of the world bringing in the remaining 9.4 per cent. Onsite revenue was 48.8 per cent and offshore projects 51.2 per cent.

Infosys won its largest ever contract with ABN Amro during the period.

For the full year ending March 31 2006 Infosys expects to increase revenues by 31.30 to 31.61 per cent and grow profits by 29.38 and 29.96 per cent.®