(Source: Datamonitor)
Indian IT services vendor Infosys Technologies has reported a 3% increase in net income to $321m for the fourth quarter 2009, compared to $313m in the year-ago quarter, on revenue down 2% at $1.12 billion. The decrease in revenue was attributed to the decline in outsourcing demand from overseas clients due to the global economic downturn.
Operating income decreased marginally to $330m, while diluted EPS grew 2% to $0.56. The company added 37 clients during the quarter.
For fiscal 2009, the company reported a 10% increase in net income to $1.28 billion compared to income of $1.16 billion a year ago, on revenue up 12% at $4.66 billion.
V Balakrishnan, CFO at Infosys Technologies, said: "We improved our operating margins during fiscal 2009 despite a very difficult global economic environment combined with highly volatile currency markets. We have a strong balance sheet with cash and cash equivalents of over $2 billion."
Looking ahead to the first quarter 2010, the company expects revenue between $1.06 billion and $1.08 billion and earnings per American Depositary Share to be $0.47. For fiscal 2010, it expects revenue between $4.35 billion and $4.52 billion and earnings per American Depositary Share between $1.91 and $2.00.
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