Infosys, the second largest of the India-based IT/BP services brigade, has adjusted its sights for FY headline revenue growth as its European business slows. Infosys ‘made the numbers’ in its Q2 (to 30th Sept.) with headline revenues growing by 17% yoy and 4.5% qoq to $1.75b (14% yoy and 5.0% at constant exchange rates, CER). However, growth in Europe slowed to 2.1% qoq (CER), a half-point lower than in Q1.
Management is now expecting FY headline growth (to 31st March 2012) in the 17-19% range, rather than the previous 18-20% forecast adjusting for FX changes, though has raised its FY earnings forecast by 5%, one assumes by judicious belt-tightening. I will be speaking with management over the next couple of days and will bring you more then.