Infosys Technologies, India's second largest software and services outsourcing form has announced that it expects revenues to grow by up to 30%, reaching about £2bn in the financial year ending 31 March 2008.
The company also reported revenues of £1.55bn for the financial year to 31 March this year, a 44% increase on revenues in the previous year. The company's profit for the year was £425m, up 53% on the previous year.
The Infosys results come despite increasing staff costs in India, a strengthening of the Indian Rupee against the US dollar and an anticipated slow-down is some segments of the IT market in key countries such as the US. The company has, however, forecast strong growth for the global IT services industry.
The main competitors to Infosys - Wipro and Tata Consultancy Services (TCS) – are also expected to report strong results later this month.
India's National Association of Software and Service Companies (Nasscom) released estimates in January indicating that India's software and services exports were likely to have grown by 32.6%, to more than £15.5bn in the financial year to 31 March this year.
But India's small and medium-sized outsourcing companies are being squeezed out by the big three outsourcers, analysts have noted.
Earlier this week UK e-government minister Pat McFadden flew to India for talks with its government and major IT firms. The trip included discussions with TCS and Nasscom.