Infosys Technologies Ltd. (INFY) Profit Up 18 Percent
Infosys Technologies Limited ("Infosys" or "the company") today announced financial results for the second quarter ended September 30, 2007. Revenues for the quarter aggregated $ 1,022 million, up 37.0% from $ 746 million for the quarter ended September 30, 2006.
"We have achieved yet another milestone by crossing one billion dollars in revenues this quarter," said S. Gopalakrishnan, CEO and Managing Director. "In an increasingly flat world, our unique business model combined with our value proposition continues to help our clients grow profitably."
During the quarter, 48 clients were added. Infosys drove growth in Europe with new wins and strengthened existing client relationships with a focus on increasing its share of the sourcing pie.
Infosys' multimillion-dollar contract with Royal Philips Electronics of the Netherlands was among the largest Finance & Accounting business process outsourcing (BPO) engagements from India and has expanded Infosys' global network into Poland and Thailand while strengthening its European operations.
Growth in North America continued to be strong. To improve proximity to clients in the region, Infosys opened its first Latin American subsidiary in Monterrey, Mexico. The subsidiary, Infosys Technologies S. De RL De CV, provides business consulting and information technology services as well as key offerings in business process outsourcing, infrastructure management and packaged solutions implementation.
Infosys became the first company outside North America to join the Financial Institution Shared Assessments Program, the financial services industry's leading standards body that provides tools for evaluating the security practices of information technology (IT) services providers. Infosys' participation in the program is a reaffirmation of its commitment to providing a secure outsourcing environment for clients.
In the energy sector, one of the largest drilling contractors in the Middle East has signed up Infosys to conduct a scoping exercise for SAP-based Business Intelligence implementation.
A leading global bank is using an Infosys-built application to mine and assimilate distributed customer data, enabling it to tailor services for its customers. A Fortune 500 manufacturer of pressure-sensitive adhesive labels has signed up Infosys to build a global order management and sourcing application to align its IT and business objectives and create global best practices around vital business processes.
In a multi-year engagement with a leading software vendor with worldwide operations, Infosys is maintaining and enhancing core corporate applications for finance, HR, legal and corporate services. A global pharmaceutical and medical products company has selected Infosys' product engineering services to enable it to rapidly innovate and bring high quality products to the market.
In the UK, a leading retailer turned to Infosys to set up a governance process and streamline project management to improve delivery effectiveness.
Infosys is executing multiple research and product development projects for a top telecom provider in Europe to help the client introduce products to the market faster.
"Our operating margins improved during the quarter despite the appreciating rupee," said V. Balakrishnan, Chief Financial Officer. "We are proactively hedging our currency exposures to mitigate this impact. Our hedging position as of September 30, 2007, was $ 1.4 billion."
"We have achieved yet another milestone by crossing one billion dollars in revenues this quarter," said S. Gopalakrishnan, CEO and Managing Director. "In an increasingly flat world, our unique business model combined with our value proposition continues to help our clients grow profitably."
During the quarter, 48 clients were added. Infosys drove growth in Europe with new wins and strengthened existing client relationships with a focus on increasing its share of the sourcing pie.
Infosys' multimillion-dollar contract with Royal Philips Electronics of the Netherlands was among the largest Finance & Accounting business process outsourcing (BPO) engagements from India and has expanded Infosys' global network into Poland and Thailand while strengthening its European operations.
Growth in North America continued to be strong. To improve proximity to clients in the region, Infosys opened its first Latin American subsidiary in Monterrey, Mexico. The subsidiary, Infosys Technologies S. De RL De CV, provides business consulting and information technology services as well as key offerings in business process outsourcing, infrastructure management and packaged solutions implementation.
Infosys became the first company outside North America to join the Financial Institution Shared Assessments Program, the financial services industry's leading standards body that provides tools for evaluating the security practices of information technology (IT) services providers. Infosys' participation in the program is a reaffirmation of its commitment to providing a secure outsourcing environment for clients.
In the energy sector, one of the largest drilling contractors in the Middle East has signed up Infosys to conduct a scoping exercise for SAP-based Business Intelligence implementation.
A leading global bank is using an Infosys-built application to mine and assimilate distributed customer data, enabling it to tailor services for its customers. A Fortune 500 manufacturer of pressure-sensitive adhesive labels has signed up Infosys to build a global order management and sourcing application to align its IT and business objectives and create global best practices around vital business processes.
In a multi-year engagement with a leading software vendor with worldwide operations, Infosys is maintaining and enhancing core corporate applications for finance, HR, legal and corporate services. A global pharmaceutical and medical products company has selected Infosys' product engineering services to enable it to rapidly innovate and bring high quality products to the market.
In the UK, a leading retailer turned to Infosys to set up a governance process and streamline project management to improve delivery effectiveness.
Infosys is executing multiple research and product development projects for a top telecom provider in Europe to help the client introduce products to the market faster.
"Our operating margins improved during the quarter despite the appreciating rupee," said V. Balakrishnan, Chief Financial Officer. "We are proactively hedging our currency exposures to mitigate this impact. Our hedging position as of September 30, 2007, was $ 1.4 billion."
Labels: Infosys Technologies Ltd., INFY
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