Infosys raises revenue forecast
India’s second-biggest software services firm, Infosys Ltd, raised its revenue forecast for the year on Friday, betting on upbeat client demand for its new-age digital services such as cloud, data and analytics.
Infosys, based in the Indian tech hub of Bengaluru, lifted the revenue forecast for the fiscal year ending March 2020 to between 8.5 percent and 10 percent on constant currency basis as its first quarter net profit beat analysts’ estimates. This compares with its previous guidance of between 7.5 percent to 9.5 percent.
The company’s growth is being fuelled by strong demand for its services in data, analytics, cloud computing and business process management (BPM), Chief Executive Salil Parekh said.
“Hopefully this is something that we can sustain and drive through with the focus on digital,” Parekh told a news conference. “That’s the reason we have increased our guidance.”
India’s $180 billion IT services industry, once the provider of low-cost software services to Western clients, is now betting big on digital services to help traditional businesses such as carmakers and retailers compete with nimbler startups.
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