Infosys Forecasts Over 29 Percent Annual Revenue Growth
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India's outsourcing industry continues to do well despite higher staff costs.
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Wipro, India&#39;s third largest outsourcer, Friday reported growth in revenue and profits for the quarter ended September 30.The company reported revenue of 47.28 billion Indian rupees ($1.19 billion at the exchange rate on closing day of the quarter), up by 35 percent for the same quarter last year. Its profits at 8.1 billion rupees were up 17 percent from profits in the same period last year.The results are based on U.S. generally accepted accounting principles (GAAP).During the quarter,&#160;Wipro completed the acquisition of Infocrossing, a U.S. provider of IT infrastructure management, enterprise application and BPO (business process outsourcing) services through a tender offer. The company is also expanding its presence in the U.S. by setting up its first development center in the country for delivery of services onshore to its customers in the U.S. Wipro expects to fill 200 positions at this center in Atlanta, Georgia in the first year. A near-shore center in Monterrey, Mexico was also set up during the quarter.Wipro has both a domestic and export business. Exports for the quarter, consisting of IT and BPO services, were 32.4 billion rupees, up by 19 percent over exports in the same quarter last year.Wipro, like other Indian outsourcers, has been affected by the weakening of the U.S. dollar. A weak dollar translates into fewer rupees, even as these companies have to spend more in rupees to pay for rising staff costs. The company&#39;s operating margins for the quarter improved despite increasing salaries in India, on account of higher prices, higher utilization and operational efficiency, Wipro said.India&#39;s largest outsourcer&#160;Tata Consultancy Services&#160;(TCS) of Mumbai, and second largest outsourcer,&#160;Infosys Technologies&#160;of Bangalore, both reported strong revenue and profits growth for the quarter.Wipro added 59 new clients during the quarter in its export business. It also added 5,341 new employees, taking the total number of employees in its export business to 77,478 as of September 30.
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Indian outsourcing firm Infosys announces profits up 50% despite exchange rate problems and rising competition.
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SAN JOSE, Calif. - Cisco Systems Inc.&#39;s fiscal first-quarter profits jumped 29 percent as the network equipment giant reported continued strength in its traditional markets as well as emerging technologies
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Cisco Systems Inc. (CSCO), the biggest maker of equipment that directs data over the Internet, on Tuesday said quarterly earnings rose 29 percent on stronger demand for
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InfoWorld - New research has confirmed that India&#39;s mobile phone market is set for a period of fast growth, with revenue from cellular services expected to jump by more than 18 percent each year for the next five years.
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The countryâs economic managers on Friday announced a âtremendously improvedâ economic outlook for the country this year owing to improved revenue collection that could trim the P197-billion
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India's second-largest software company, Infosys Technologies Ltd., said Monday its planned inclusion on the Nasdaq-100 will help it become a mainstream stock in the United States and boost its global profile.
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The company posted quarterly net profit of $904 million and revenue of $6.22 billion, up 29 percent from a year earlier.
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India's Reliance Infocomm plans to triple the size of its mobile phone network to span most of the subcontinent by the end of this year. The expansion is aimed at supporting a forecast 20m subscribers by March 2006.
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Indian firms are increasing their IT budgets an average of 13 percent this year, far more than the global average of 3.3 percent, research company Gartner said Wednesday.The country&#39;s domestic IT market is also forecast to grow at a five-year compound annual growth rate (CAGR) of 20.3 percent, reaching $24.3 billion by 2011.While there are fears of a global recession, India is showing rapid growth, said Peter Sondergaard, global head of research at Gartner, in a conference call.The increased spending by Indian CIOs is directed primarily towards building new business capabilities, with 30 percent of IT spending allocated to business growth and 19 percent to business transformation, Gartner said.Indian enterprises will make heavy investments in bringing the base infrastructure up to global standards, said Partha Iyengar, Gartner&#39;s head of research in India.A key problem for Indian CIOs is attracting and retaining quality staff, as they are competing with Indian and multinational IT services companies, Iyengar said.India&#39;s IT services market is forecast to grow to $10.73 billion by 2011 at a five-year CAGR of 23.2 percent, propelled by Indian companies that are outsourcing some of their work to other Indian and multinational companies due to staff shortages, Gartner said in January.
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Analysts expect continued growth despite a tough environment.
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Indian software group Infosys sees its profits jump 50% as more companies hire it to run their technical support services.
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PeopleSoft Inc. on Monday forecast third-quarter revenue would exceed Wall Street expectations, saying it added 150 new customers and had more large software license transactions than in the previous quarter.
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Net sales for the fiscal Q1 rose 17.1 percent to $6.0 billion, the sixth straight quarter of sequential growth. directs data over the Internet, said quarterly earnings rose 29 percent on stronger demand for
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Tata Consultancy Services, India's largest software services firm, reports a surge in quarterly earnings.
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India&#39;s largest software exporter Tata Consultancy Services said Monday that its first quarter net profit rose by 36 percent despite sharp gains in the rupee this year that hit earnings.