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Infosys Technologies Ltd reported profit that beat analysts' estimates and raised its annual revenue forecast as the global economic recovery spurs software orders, sending the shares to their biggest gain in two months.
India's second-largest software exporter said sales may rise as much as 2 percent to $4.76 billion in the year ending March 31, reversing a prediction of a 1.3 percent drop. Net income was 15.8 billion rupees ($348 million) in the third quarter,[link widoczny dla zalogowanych], more than the 14.8 billion rupee median of 27 analyst estimates compiled by Bloomberg.
Infosys led gains for software exporters in Mumbai trading as the forecast fanned optimism that India will gain from a rebound in global technology spending. Chief Executive Officer S Gopalakrishnan said the US and financial-services industry are leading an economic recovery, benefiting sellers of offshore computing services.
"Infosys sets the tone for the sector," said Apurva Shah, head of research at Prabhudas Lilladher Pvt in Mumbai. "The software sector has shown consistent improvement since the first quarter and will continue to do so for the next few quarters."
Infosys shares rose 3.2 percent to 2,569 rupees as of 10:46 am in Mumbai trading, the biggest contributor to the 13-stock Bombay Stock Exchange BSE IT Index's 3.3 percent gain. The stock doubled last year in Mumbai trading compared with an 81 percent gain for the benchmark Sensitive Index and industry leader Tata Consultancy Services Ltd's 214 percent advance.
Infosys won four large orders last quarter including one worth at least $200 million,[link widoczny dla zalogowanych], Chief Operating Officer SD Shibulal told reporters in Mysore. "We are starting to see bigger deals again," he said, adding the company was bidding for several contracts worth $100 million to $300 million.
Worldwide spending on technology services will grow 4.5 percent this year from an estimated $781 billion in 2009, researcher Gartner Inc said in October. Economists surveyed by Bloomberg last month say US gross domestic product will expand 2.6 percent in 2010 after shrinking 2.5 percent last year.
Infosys designs and builds software programs, maintains computers and provides back-office support to Citigroup Inc,[link widoczny dla zalogowanych], Goldman Sachs Group Inc, BT Group Plc and other customers. The Indian software provider derived 67 percent of its revenue from North American companies last quarter, while customers from the financial-services industry contributed 35 percent of its sales.
"Even though IT budgets are expected to be flat in 2010,[link widoczny dla zalogowanych], offshore outsourcing is expected to benefit from" the global economic recovery, Gopalakrishnan said in the statement.
Third-quarter sales at Infosys fell 0.9 percent to 57.4 billion rupees. That beat the 55.8 billion rupees median analysts' estimate after it won contracts from one of the largest retailing companies and Royal Philips Electronics NV,[link widoczny dla zalogowanych], as Europe's biggest consumer-electronics maker hired the Indian company to provide finance and back-office services for some of its operations in Latin America.