April 14, 2005, 10:01 AM — Infosys Technologies Ltd., India's second largest outsourcer, reported revenue of US$1.6 billion for its fiscal year ended March 31, up by 50 percent from $1.1 billion a year ago, the company said Thursday.
Net income for the year also surged, by 55 percent, to $419 million, the company said. Infosys expects to cross the $2 billion mark in revenue in its current 2006 fiscal year, it said.
The strong showing by the Bangalore-based company reflects buoyancy in the Indian outsourcing industry as a whole. Provisional figures indicate that India's total exports of software and services grew by 35 percent during the year to March 31, to $17.3 billion, according to Subramanian Ramadorai, chairman of the National Association of Software and Service Companies in Delhi. Ramadorai, who reported the figure earlier this week, is also chief executive officer and managing director of Tata Consultancy Services Ltd (TCS), India's largest outsourcer, in Mumbai.
Infosys and other leading Indian outsourcers have been broadening their services to include business consulting and business process outsourcing, in addition to their core offerings in outsourced software development.
Infosys' clients increasingly view the company as a long-term partner that can offer a wide range of services to help them meet their business goals, Nandan Nilekani, Infosys' chief executive officer and managing director, said in a statement.
TCS and Bangalore's Wipro Ltd., which is India's third largest outsourcer, are also likely to have reported strong revenue and profit growth, according to analysts. Both companies are expected to announce their annual results later this month.
