Posted on 11/10/08
India's Infosys cuts growth forecast
Information technology provider Infosys Technologies Ltd. yesterday said earnings in the July-September quarter rose 17 per cent, but lowered its annual growth forecast on slowing demand amid the global financial crisis. Profit for the fiscal second quarter rose to $320-million (U.S.) from $273-million the same period a year ago. Sales for the quarter ended Sept. 30 climbed 19 per cent to $1.2-billion, at the lower edge of its forecast. "We want to be cautious; that is why we've revised our guidance downward," said chief executive officer Kris Gopalakrishnan. Infosys said revenue for the year would increase between 13.1 and 15.2 per cent to $4.72-billion to $4.81-billion, down from its prior forecast of 19 to 21 per cent revenue growth. INFO (Mumbai) fell 27.65 rupees to 1,226.7 rupees ($29.84).
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