Infosys Technologies Ltd, India’s second largest exporter of software and services, continued to experience rapid organic growth in its second quarter as a result of the ever-expanding demand for offshore outsourcing.
Bangalore-based Infosys reported a net profit of $97 million for the three-months ended September 30 2004, up 49% on 2003, on revenue that grew 51% to $379 million. Over the past six months, the company has grown its cash and cash equivalents 33% to $445 million, while total current liabilities stand at $162 million, leaving the company in a strong financial position. Overall volume growth grew 12.6% during the quarter, while offshore volume grew 15.3%.
During the period, Infosys hired a further 5,010 net employees as part of its expansion plans, growing total headcount to 32,949. The company also invested some $38 million in property, plant and equipment during the quarter, and has 3.5 million sq/ft of office space under construction.
Infosys also won 32 new clients during the period, including a US discount retailer for consulting and sourcing services, and a European retailer for radio frequency identification (RFID) technology across its supply chain. Infosys also won a CRM application development and maintenance contract with a Fortune 500 company in the energy and utilities sector, as well as a large utility company and a technology storage company.
At the same time, Infosys upgraded its expectations for the fiscal year ending March 31, 2005 to between 46% and 47% growth, or between $1.555 billion and $1.561 billion.