Infosys bullish as outsourcing sector powers ahead
Infosys is chasing more big-ticket contracts from Europe and the United States this year and keeping a lid on costs as the outsourcing services giant powers ahead with a turnaround to regain market share.
India's second largest software services exporter raised on Friday its revenue growth outlook for the 2013/14 financial year to between 11.5 and 12 percent from a previously forecast 9-10 percent, citing higher demand for its services.
It reported its first decrease in its workforce in nearly five years, with overall attrition rates in the December quarter rising to 18.1 percent from 15.1 percent a year ago.
"While the organisation is going through transformation, there may be some minor disruptions," Chief Executive SD Shibulal told an analysts' briefing after announcing the company's earnings.
"But as you can see over the last two or three quarters as the transformation has happened we have continued to focus on our clients, we have continued to focus on growth, and continued to focus on margins improvement."
The departure of 1,823 staff in the December quarter, and several senior executives over the last six months, comes amid a strategic shift led by founder N.R. Narayana Murthy, who was brought back last year after a string of disappointing results.