January 11, 2013 / 3:25 AM / 5 years ago

India's Infosys Q3 net profit beats estimates

BANGALORE, Jan 11 (Reuters) - Infosys Ltd, India’s second-largest software services provider, posted a flat third-quarter net profit, beating analyst expectations, despite spending cuts by major clients in the United States, the firm’s No.1 market.

Infosys, whose customers include Bank of America Corp and BT Group Plc, said profit for the three months ended Dec. 31 was 23.69 billion rupees ($434 million) compared with 23.7 billion rupees a year earlier. That compares with the average estimate of 21 billion rupees in a poll of 16 analysts, according to Thomson Reuters I/B/E/S.

Infosys said revenue rose 12 percent in October-December to 104.24 billion rupees from 93 billion a year earlier. That compares with analyst estimates of 96.8 billion rupees.

India’s $100 billion-a-year IT and back-office outsourcing sector earns about three-quarters of its revenues from customers in the United States and Europe, and faces intense competition from global rivals including IBM, Accenture and Cap Gemini.

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