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Indian Services Giant Hits $1 Billion in Annual Sales
April 14, 2004
By SARITHA RAI
BANGALORE, India, April 13 - Infosys Technologies, the
bellwether of the Indian software services industry, has
posted more than $1 billion in annual sales for the first
time and it celebrated the news on Tuesday with a giant
party, a special dividend of $2.28 a share and a
distribution of three shares for every one held.
Infosys, the largest publicly traded company in the
industry and the second largest over all after Tata
Consultancy Services, recorded $1.06 billion in revenue for
the fiscal year that ended March 31, an increase of more
than 30 percent from the previous year. The company
forecast a 25 percent increase for fiscal 2005.
Infosys derives about two-thirds of its revenue from the
United States, serving corporate clients like Reebok, Visa,
Boeing, Cisco Systems, Nordstrom and New York Life.
Profits rose 30 percent, to $285 million, and the company
said that profits were likely to rise by another 20 percent
in the coming year.
"Today, we have the required size, brand, compelling value
proposition and ambition to build the next-generation
software, services and consulting company," the chief
executive, Nandan M. Nilekani, said in a statement.
The results, broadly in line with market expectations, are
an indication that the $12 billion Indian software services
industry continues to flourish, despite a growing political
controversy in the United States over outsourcing, or the
contracting out of work like data entry, programming and
customer technical support. The Indian industry makes a
specialty of bidding for outsourcing work.
Infosys said it added 38 clients and 2,425 workers in the
quarter ended March 31. Infosys now employs 25,600 workers
worldwide.
I.B.M. said last week that it would acquire Daksh
eServices, the third-largest call services company in
India. On Monday, Citigroup said it would buy the 56
percent of e-Serve International, a back-office services
provider, that it did not already own.
The announcement of the special dividend and bonus stock
sent the share price up 7 percent, to 5,490 rupees ($127).
Infosys was founded by seven entrepreneurs in 1981 with an
initial investment of about $250. Most of its explosive
growth has come in the last five years, a period when its
sales grew sevenfold.
The chairman, N. R. Narayana Murthy, said in a statement
that the $1 billion revenue milestone was the "beginning of
a new journey."
A crosstown rival, Wipro, is also expected to exceed $1
billion in annual revenue when its fiscal 2004 results are
announced later this month. Satyam Computer Systems of
Hyderabad is also closing in on the $1 billion mark.
To celebrate, Infosys held a Billion Dollar Day party for
10,000 employees and their families at its headquarters
office campus in the suburbs of Bangalore. There was no
Champagne toast: Infosys bans alcohol on its premises.
http://www.nytimes.com/2004/04/14/business/worldbusiness/14rupee.html?ex=1082996068&ei=1&en=589267f75d13486f
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