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Infosys profit up 5 percent, missing expectations

(AP) Infosys profit up 5 percent, missing expectations
By ERIKA KINETZ
AP Business Writer
MUMBAI, India
Profit at India's Infosys Technologies rose 4.9 percent in dollar terms for the September quarter, the company said Friday, missing expectations as its global clients struggle with economic uncertainty.

Net income for the September quarter was $431 million. Revenue grew 2.9 percent from a year ago, to $1.78 billion.

The numbers were below expectations. Analysts surveyed by FactSet had forecast net income of $444.6 million on sales of $1.86 billion.

The outsourcing bellwether said revenue for the year ending in March will likely grow 5 percent in dollar terms to at least $7.34 billion. Adjusting for currency fluctuations, its revenue growth forecast is about 0.3 percentage point lower than its July projection.

"Global economic uncertainties continue to face the industry," chief executive S.D. Shibulal said in a statement.

The company also announced the surprise resignation of its chief financial officer, V. Balakrishnan. Rajiv Bansal, currently the vice president of finance, will replace him on November 1.

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