There is a newfound sense of optimism at Infosys Technologies Ltd. about revenue growth for this fiscal year, with the software company's chief financial officer Monday saying it could be stronger than the 18%-20% previously forecast.
- Namas Bhojani/Bloomberg News
- Infosys has often bragged about being the most profitable company in the outsourcing industry. Above, V. Balakrishnan, the company’s chief financial officer.
In an interview with Dow Jones Newswires, V. Balakrishnan said this renewed confidence has been spurred by a recovery in clients' technology budgets, though he did warn that the wobbly global economy could still cause an upset.
“Nowhere are we seeing a decline in client budgets,” Mr. Balakrishnan said. “If there is no big [economic] shock in the environment, clients will possibly spend their budget and we could get better growth.”
These are bold statements for a company that analysts describe as cautious and conservative. The growth outlook at Infosys is often viewed by investors and analysts as a barometer of the health of India’s outsourcing industry.
Investors were encouraged by Mr. Balakrishnan's bullish comments. Infosys shares touched an intraday high of 2,845.00 rupees ($63.47), before closing at 2,838.45 rupees, up 0.9%, in Mumbai Monday.
The software exporter’s American depository receipts, meanwhile, rose 1% to close at $63.28 on the Nasdaq, while all other international companies were down on uncer [...]
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