Indian IT major Infosys net profit jumps 49 percent as outsourcing ...
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BANGALORE, India: India&#39;s second-largest software exporter, Infosys Technologies, quarterly net profit jumped 49 percent, well ahead of market expectations, thanks to a sustained outsourcing boom.
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Software giant Microsoft Corp. signed software partnerships Monday with India's leading outsourcing firms, Infosys Technologies Ltd. and Wipro Ltd., and stepped up plans to hire more programmers in India.
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Infosys Technologies, India's second-largest software company, Friday posted a better-than-expected third quarter profit after expanding its client base in a "challenging" market.
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Bangalore, Nov 15 (UNI) Indian IT majors Infosys Technologies and Wipro Ltd today announced separate agreements with Microsoft Corp, the world&#39;s largest software maker, to deliver applications and solutions to their global customers based on Microsoft
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(InfoWorld) - The appreciation of the Indian rupee against the U.S. dollar is affecting the margins of Indian outsourcers, the president of a trade association said Thursday. It's a difficult time for Indian outsourcers as they are already struggling with rising staff salaries, Kiran Karnik, president of the National Association of Software and Service Companies (NASSCOM), said Thursday. The rise of the rupee against the dollar has Indian outsourcing companies worried, as two-thirds of their business comes from the U.S. The rupee has appreciated against the dollar by about 8 to 9 percent in the last three months, Karnik said. A rising rupee has pushed down exporters' rupee revenues, even as their costs locally go up, he added. To help firms cope with the currency issue, NASSCOM is asking the Indian government to restore some of the export incentives that were earlier provided to Indian outsourcers. However, the government may not be in a mood to extend incentives to the outsourcing industry, which is generally seen as one of the more successful sectors of the Indian economy. Export revenue of a large number of Indian outsourcing companies was brought under the tax net in February after India's Finance Minister P. Chidambaram imposed a minimum alternate tax (MAT) on income that was covered under tax breaks. A large number of the operations of Indian outsourcing companies were set up under an export-promotion plan called the Software Technology Parks of India (STPI), which entitled them to tax breaks. But the STPI plan ends next year. Companies seeking tax benefits now have to move their operations to special economic zones, something that's not feasible for outsourcing firms, which have operations in multiple locations close to where staff are available. NASSCOM wants the STPI plan extended, and the MAT rolled back in the wake of the rupee appreciation, Karnik said. India's Minister for Commerce and Industry Kamal Nath promised earlier this week a package for exporters, in the wake of the appreciating rupee, but didn't outline specifics.ADVERTISEMENTIBM Information On Demand 2006Industrial Industry Leaders, please join us at IBM's premier information management global event, IBM Information On Demand 2006, October 15-20, Anaheim, CA. More IBM business and technical solutions content in one place than ever before! Select from  over 800 sessions. Register today!
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India's third largest outsourcer reported growth in revenue and profits for the quarter ended September 30.
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India&#39;s IT services market is forecast to grow to $10.73 billion by 2011, at a five-year compound annual growth rate of 23.2 percent, as outsourcing emerges as a more favored option for companies in India, according to research firm Gartner.
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India's third-largest software exporter, Wipro, said second quarter net profit jumped 79 percent as sales rose 44 percent, beating both the market's and the company's expectations.
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India could earn $40bn a year by March 2008 from information technology and outsourcing, a report says.
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Bisys Group Inc. BSG.N, a financial   technology outsourcing provider that has had accounting   problems and is losing its chief executive, on Wednesday posted   a profit for its fiscal third quarter, largely on a big gain   from the sale of its information services segment.
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Indian software giant Tata CS unveils sharply higher profits in its first set of results since its stock market launch.
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India&#39;s third largest outsourcer Wipro reported a 32 percent increase in revenue in the quarter ending December 31, but profits grew by only 11 percent over the same quarter last year, reflecting&#160;higher salaries in India, and reduced margins as a result of its&#160;acquisition last year of U.S. IT services provider Infocrossing.Infocrossing&#39;s margins were lower than that of Wipro even before the acquisition, although the company said last year that it hoped to increase utilization at its datacenters by offering the option of hosting in the U.S. to some of its outsourcing clients.Wipro&#39;s revenue for the quarter was 52.36 billion rupees ($1.33 billion) at the exchange rate on the closing date of the quarter, while its profits were 8.26 billion rupees. Wipro&#39;s revenue from its export business, Global IT Services and Products, was 36.14 billion rupees, up by 26 percent over the same period last year.The U.S. economy, which is the largest market for Indian outsourcers, is facing challenges, but there has not been any impact yet on Wipro, Azim Premji, chairman of the company told analysts.Indian largest outsourcer, Tata Consultancy Services, and second largest outsourcer, Infosys Technologies, both reported strong revenue growth for the quarter, despite concerns that the Indian outsourcing industry was likely to be hit by the&#160;weakening of the U.S. dollar. The U.S. is the largest market for Indian outsourcers, accounting for about 66 percent of export revenue, and the rupee has appreciated by about 12 percent against the dollar from the beginning of this year.The appreciation of the rupee against the U.S. dollar pushes down rupee realizations for revenue earned in the U.S. by Indian companies, even as staff costs in India are going up.Wipro got better prices for its services during the quarter, and added 39 new clients, which helped push up its top line. Improved price realizations and productivity also helped counter the impact of the weakening dollar, said Suresh Senapaty, Wipro&#39;s chief financial officer. &quot;We have a healthy pipeline of large deals going forward,&quot; Premji said.The company had 79,832 employees as of December 31, which included 59,925 employees in its IT Services and products business and 19,907 employees in its BPO (business process outsourcing) services business.
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Its net income during the June to September period was 2.69tr won (Â£1.2bn), 46% up on the same period a year earlier. During the period, which is Samsung Electronics&#39; fiscal third quarter, the company said
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Oracle, the world's second largest software producer, saw profits jump 16% to $509m (Â£283m) in the first half of the year on strong sales of its core database products.
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Leading Indian software exporter, Satyam, second quarter profit rose 27.92 percent to 41.2 million dollars on the back of strong orders and rationalisation of costs.
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When the Nasdaq stock market opens next Monday, Indian outsourcer Infosys TechnologiesÂ will become the first Indian company to be included in its prestigious list of top-100 companies.ADVERTISEMENTNEW IT SERVICES FROM IBM: EASIER TO BUY AND IMPLEMENTDiscover a simpler, more cost-effective way to get the solutions your company needs to grow more flexible and efficient.
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Close on the heels of the&#160;appreciation of the Indian rupee against the dollar, Indian outsourcing companies are grappling with a new problem -- uncertainty among U.S. companies about a recession has made these companies delay finalizing their IT budgets.As a result many large deals between U.S. clients and Indian outsourcers will not be finalized in the first half of this year, said Sudin Apte, senior analyst and country head for India at Forrester Research.Business will however pick up for Indian outsourcers by the fourth quarter, particularly if the U.S. economy is in mild recession, Apte said.&quot;Our experience is that if the IT budgets of U.S. customers are marginally impacted in a recession, then there is an increase in business offshore, to cut costs,&quot; Apte said. If the cuts are too large, whole projects can however get canned, he warned.The U.S. is the largest market for Indian outsourcers.&quot;We believe that the recessionary nature of today&#39;s economic climate will promote the adoption of increased outsourcing,&quot; said Siddharth Pai, a partner at outsourcing consultancy firm, Technology Partners International Inc. (TPI) in Houston, Texas.TPI does not as yet see a cut in either discretionary or non-discretionary spending on IT by companies.Forrester said Monday that the IT services and outsourcing market will increase by 4 percent this year to $162 billion from a growth rate of 6 percent a year earlier.&#160;The research firm forecast slowing growth this year&#160;for purchases of IT products and services in the U.S.National Association of Software and Service Companies (Nasscom), a trade organization in Delhi, however remains optimistic about the growth of India&#39;s outsourcing industry. The industry is optimistic of achieving its target of $60 billion in software and services exports by March, 2010, the association said Monday.In the fiscal year to March 31, the industry expects export revenues of $40.3 billion, up by 29 percent from export revenue in the previous year.Problems for India&#39;s outsourcing industry could get however compounded as its customers abroad have seen a drop in overall satisfaction and a drop in value for money from offshore outsourcing to India, according to a Forrester survey. India is still preferred as an offshore destination because it is the only country where foreign companies can&#160;hire staff in the thousands, Apte said.