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Improved earnings for Infosys as revenues slip

Friday, July 10, 2009

Infosys has managed to improve earnings on revenues that slipped slightly against last year, according to numbers posted for its latest June quarter. 

Revenues declined by 2.9% year on year for the Indian outsourcing services company during the first 3 months of its fiscal year, but earnings grew by 1.9%. First financial quarter profits jumped 17.2% from a year earlier.

The company has concentrated on operational efficiency, slowed its planned hiring programme and delayed some expansion investments, BG Srinivas, Head of Europe, Infosys told us today.

He said the current climate was still challenging, with various surveys and client interactions suggesting that the sentiment remains muted across all industries. “In many cases the focus is the same, with businesses on a drive to reduce costs and consolidate vendors.” Financial services and manufacturing have been hit hardest, Srinivas confirmed.

Article sourced from www.cbronline.com, click here to read full story.

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