Plans by Infosys Technologies Ltd, India's number two software service exporter, to enter the booming China market have become stuck in bureaucratic red tape, the company's chairman said on Tuesday.\n
Software outsourcer Infosys Technologies on Tuesday said its cash and cash equivalents stood at Rs 14,449 crore (Rs 144.49 billion) at the end of December quarter, an increase of 52 per cent over the corresponding period a year-ago.
The company would focus only on expanding its existing facilities at an investment of around Rs 600 crore (Rs 6 billion), said S Gopalakrishnan, chief executive officer and managing director.
Moody's Investors Service on Wednesday affirmed the ratings of two major Indian IT services companies, Tata Consultancy Services Limited (TCS) and Infosys. In two separate statements, Moody's also retained stable outlook for both the companies. Moody's expects Infosys' revenues to climb by around 13 per cent for the financial year ending March 31, 2023, but moderate to around 8 per cent in the next 2024 fiscal.
Infosys Technologies, India's second largest information technology services company, which is an early bird on campuses this year, says it will offer jobs to 13,000 freshers for 2010-11.
Infosys announced its first quarterly results on Friday. Th software major's Q1 net stood at Rs 1,527 crore, up 17.28%.
Indian-origin tech companies cornered a fifth of all H-1B visas issued by the US with Infosys and Tata Consultancy Services leading the pack, an analysis of data from the US immigration department showed. According to data from the US Citizenship and Immigration Services, in April-September 2024 period, out of the total 1.3 lakh H-1B visas issued to different employers, about 24,766 visas were issued to Indian-origin companies.
Infosys reported revenues of Rs 1,749.33 crore (Rs 17.493 billion) for the period between July to September, an increase of 51.88 per cent over Rs 1,151.80 crore (Rs 11.518 billion) during the same period last year.
Infosys Technologies Ltd, India's largest listed software services exporter, said on Thursday its quarterly net profit rose 23 per cent, aided by growing outsourcing business, but the result fell short of market expectations.
"There is significant opportunity over the next few years. Only 25 per cent of the full leverage of IT is understood and used. The impact of IT will be significant in the next 25-30 years," said Infosys Technologies Chief Executive Officer and Managing Director S Gopalakrishnan. He added that there is still money to be made and wealth to be created in this sector.
'Our phones are taken away as we enter the room.' 'They are just asking us to sign without any discussion. If you ask for a discussion, they say, 'Sign first'.'
Gen Z, driven by AI anxiety and economic pragmatism, have concerns about pursuing passions as careers as they fear it may not make them enough sufficient income.
The software major Infosys Technologies on Friday said it has been served with the notice in second sexual harassment lawsuit filed against the company and its former director Phaneesh Murthy during the quarter ending December 2003.
The $4.6-billion company, which had earlier made an unsuccessful bid to acquire SAP consulting firm Axon that was latter acquired by HCL, would prefer acquiring companies overseas where growing organically is a little challenge, the Bangalore-headquartered company's CEO and MD S (Kris) Gopalakrishna said.
A day after a record-breaking run, stock prices continued to soar on Wednesday amid expectations of better-than-expected earnings by IT bellwether Infosys Technologies on Thursday.
nfosys Managing Director and CEO S (Kris) Gopalakrishnan speaks about the company to Business Standard.
In yet another example by an Indian corporate to become cost-sensitive, IT bellweather Infosys Technologies is asking all its employees to go in for a one-time cost savings of $10 each. This initiative is expected to help the company, which has over 100,000 people on its rolls, to incur a cost saving of $1 million (around Rs 5 crore), which is a 'substantial amount' according to the company.
The Indian IT major spent a total of Rs 15 crore (Rs 150 million) towards the failed deal, but in the process received Rs 33 crore (Rs 330 million) from the UK firm, as inducement fees. Two of India's leading software services firm were in the race to acquire the London Stock Exchange-listed Axon, but last month HCL Technologies outbid Infosys and acquired the British firm.
Cognizant has said it aims to be back among India's top four IT services companies by 2027 by improving revenue, market share, bagging large deals, and gradual margin expansion. The Nasdaq-listed company does a major part of its business in India, but has trailed peers such as Tata Consultancy Services and Accenture over the last few years as growth tapered, margins squeezed, and attrition soared.
The company's total income stood at Rs 5,821 crore, showing an over six per cent rise, at the end of the September quarter of the current fiscal.
Consolidated net sales shot up by 6.87 per cent
Crossing $1 billion in revenues, software major Infosys Technologies on Tuesday reported a net profit of Rs 1243.83 crore (Rs 12.44 billion) during the fiscal 2003-2004, a jump from Rs 954.77 crore (Rs 9.55 billion) in the previous fiscal.
Software major Infosys Technologies on Tuesday announced a consolidated net profit of Rs 4,659 crore (Rs 46.59 billion) for the year ended March 31, a 20.82 per cent growth over the corresponding period a year ago. Infosys had a consolidated net profit of Rs 3,856 crore (Rs 38.56 billion) for the year ended March 31, 2007, the second-largest exporter of software services said in a filing to the BSE.
Infosys Technologies said on Tuesday that it will decide on issuing bonus shares or stock split during its board meeting in Bangalore on April 13.
'We will have to wait for at least two quarters of data to ascertain whether the recovery is real and sustainable.'
Looking at the forthcoming year, while there will be macroeconomic challenges, industry in India is better off because we are still growing. If we manage the next 12-18 months, we should emerge stronger, says S Gopalakrishnan.
Even as the strong anti-outsourcing lobby in the US is forcing US lawmakers to take a relook at their H1-B visa strategy amid huge job losses, Infosys Technologies which holds the largest number of H1-B visas among all the Indian IT services companies has started reducing the number as a part of the company's policy to reduce its 'overseas bench' strength.
Infosys Technologies, India's second-largest IT services company, has revised upwards its hiring estimate for the current financial year to 40,000 up 11 per cent from the 36,000 projected earlier as the company ramps up capacity to capitalise on emerging opportunities.
'Keeping a bench increases cost. If you keep a bench, the skills may not remain relevant.' 'In the future, bench strength will literally be zero.'
Infosys Technologies has announced its first quarter results.
Infosys Technologies appears to have set out on a journey of generational change which will unravel over the next few years.
Software major Infosys Technologies on Tuesday announced a 33.31 per cent growth in consolidated net profit at Rs 1,641 crore (Rs 16.41 billion) for the third quarter ended December 31, 2008, over the corresponding period a year ago.
India's export-driven IT services industry would see erosion in margins due to the strengthening of the rupee, a top official of Infosys Technologies said on Friday.
