Infosys Technologies Ltd, the Bangalore-based IT bellwether of India, has revised its revenue guidance upwards for the current fiscal year (2002-03), thanks to the robust growth the company has posted during the first three quarters in spite of pricing pressures and lower tech spending.
Making the revised outlook for the end of the current fiscal (March 31, 2003), Infosys CEO, president and managing director Nandan M Nilekani told the media in Bangalore on Friday that income from software development services and products was projected to be between Rs 3,578-3,592 crore (Rs 35.78-35.92 billion).
"The revised outlook shows that we would be able to grow by 38-40 per cent year-on-year over the last fiscal (2001-02), when we posted a gross revenue of Rs 2,604 crore (Rs 26.04 billion)," Nikekani stated.
It may be recalled that in the beginning of the current fiscal year (2002-03), the company had projected a conservative growth of 15-17 per cent over the last year due to uncertainty in the marketplace around that time, aptly described by Infosys chairman and chief mentor N R Narayana Murthy as "there was a lot of fog on the wind screen."
"But what has developed over the year is the pressure on customers to reduce cost is more imminent. They have also gained lot more confidence in our ability to deliver more software for them. That trend has led to the increase in our guidance for the year, Nilekani claimed.
In line with its outlook for the fiscal year 2003, Nilekani said income for the fourth quarter of the year (Q4) would be around Rs 975-989 crore (Rs 9.75-9.89 billion).
Correspondingly, the earnings per share for the year is expected to be between Rs 144.70-145, and Rs 39.10-39.40 during the fourth quarter.
"Infosys continues to enjoy the confidence of large clients. Global corporations are seeking robust, financially strong, world-class partners such as Infosys to outsource their IT requirements," Nilekani asserted.
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