Indian IT outsourcing company Inosys recorded a slight decrease in fourth-quarter profit, as the company fell victim to exchange rate fluctuations.
The company said it had boosted its earnings 5.5% to 59.4 billion rupees during the quarter, and added 47 clients as well as over 9,000 new employees.
“The currency volatility continues to be a concern for the industry,” CFO V Balakrishnan said. “We, however, have an active hedging program to minimize its impact on our margins.”
Despite this volatility, Infosys delivered a solid forecast for the current quarter and financial year.
“Though the economic environment continues to be challenging, businesses are investing in growth for building a better future,” CEO S Gopalakrishnan said.
The company is forecasting revenue of 59.2 billion rupees during the quarter, and 24.8 billion rupees during the year ending in March 2011. This would be a respective 8.2% and 9.0% increase.
But in US dollars, the company expects revenue growth of 18.5% for the quarter and 16% for the year.