It appears that the downturn in the outsourcing market is over with Infosys, India’s second-largest software services exporter, beating estimates.
The company reported a 21.6 percent rise in quarterly net profit and retained sales growth outlook for this year on surging demand for outsourcing services.
The news is a little surprising as Infosys seems to been reeling under a staff exodus and loss of market share to rivals.
Vishal Sikka, a former senior executive at German software Company SAP took over as CEO last month seen nearly a fifth of his staff leave after 18.7 per cent left in the last quarter.
Infosys added 61 customers in the quarter, maintained its revenue growth forecast for the year to March 2015 at 7-9 percent, as expected.
Consolidated net profit for the quarter ended June 30 rose to $480.20 million. Revenue in the quarter rose 13.3 percent to $212 million.
