Infosys Ltd , India's second-largest software services exporter, matched expectations with a 33 percent rise in its fiscal first-quarter profit, bolstered by a surge in demand for outsourcing services and a fall in the rupee.
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
Net profit for Infosys, whose customers include Bank of America
Analysts had forecast a net profit of 23 billion rupees for the Bangalore-based company, according to Thomson Reuters data.
Infosys and its domestic rivals Tata Consultancy Services
But prevailing global economic uncertainty, cutthroat competition for a bigger share of the outsourcing business and sharp currency fluctuations have slowed the showpiece sector's pace of growth.