Infosys profits up slightly despite currency woes

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Associated Press

Posted on July 12, 2013 at 2:06 PM

MUMBAI, India (AP) — Indian software outsourcing giant Infosys has posted slightly higher quarterly profit and maintained its revenue growth forecast despite volatile currencies and uncertainty about U.S. visas for its employees.

Shares in Infosys jumped 12 percent to 2,832.7 rupees in early trading Friday after results for the quarter ending June 30 showed net profit up 0.5 percent from a year earlier to $418 million.

It was the first earnings report since Infosys brought back co-founder N.R. Narayana Murthy in June as executive chairman.

Infosys is a bellwether for India's $108 billion outsourcing industry, which has been hit by weaker demand from American and European clients. The industry also is closely watching a provision in the U.S. immigration reform bill that would limit the number of special visas for IT workers.

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