Infosys Q4 Net Profit up 25 Percent, Beats Forecasts
April 15, 2014 2:19 PM EST
Infosys Ltd, India's second largest IT services exporter, reported a 25 percent increase in quarterly net profit, beating estimates, as it added new clients including Chinese-owned Swedish automaker Volvo Car Corp.
The Bangalore-based company's consolidated net profit for the fiscal fourth quarter ended March 31 was 29.92 billion rupees ($496.72 million), compared to 23.9 billion rupees in the same period a year earlier.
That compared with an average estimate of 28.1 billion rupees in a survey of 23 analysts by Thomson Reuters.
Infosys, which has been losing market share to more aggressive local rivals in recent years, brought back its founder N.R. Narayana Murthy from retirement in June last year to revive the company's fortune.
The company, however, has seen an exodus of senior executives and staff since Murthy's return, triggering concerns about its ability to compete for lucrative outsourcing contracts in the United States and Europe.
($1 = 60.2350 Indian Rupees)
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