Bangalore, India-based Infosys reported net profit of INR4.97 billion ($114.3 million) for the three months ended December 31, 2004, up 51% on 2003, on revenue that grew 49% to INR18.8 billion ($432.4 million).
However, at the end of the period, the company’s cash and cash equivalents had declined to INR13.7 billion ($315.1 million) from INR16 billion ($368 million) at the end of March 2004. For the nine-month period, net profit was up 48% at INR13.5 billion ($270 million), on revenue that grew 44% to INR49.6 billion ($1.14 billion).
Infosys continued to grow its headcount during the third quarter when it added some 2,280 employees, ending the period with a workforce of 35,229. It also added 38 new clients during the quarter.
Infosys said it has benefited from its recent moves into providing IT consulting through Infosys Consulting, and business process outsourcing services through its Progeon BPO venture. Infosys CFO, TV Mohandas Pai, said the company is also maintaining its operating margins despite the appreciation of the rupee.
At the same time, Infosys said revenue for the fourth quarter would grow 45% to between INR19.56 billion ($449.9 million) and INR19.64 billion ($451.7 million), and earnings per share would grow 50% to INR18.90.
Infosys also upgraded its guidance for the full-year period, anticipating revenue growth of 46% to between INR70.98 billion ($1.63 billion) and INR71.07 billion ($1.64 billion), and earnings per share to grow 47% to INR68.70.
