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Infosys profits increase

Software industry picking up

Infosys, India's second-largest software services exporter, posted a 3.7 percent year-on-year increase in its first-quarter net profit.

The announcement matches estimates and confirms that the software industry might be rebounding after contract wins and foreign exchange gains boosted earnings. The company said profit for the April-June quarter rose 0.5 percent from a year earlier to $418 million.

Infosys also maintained its forecast for 6-10 percent revenue growth for the current 2013/14 financial year. It was the first earnings report since Infosys brought back co-founder N.R. Narayana Murthy in June as executive chairman. The company’s last results disappointed with lower profits and a subdued growth forecast, so today’s better outlook was welcomed by investors.

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