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Profit Jumps at Infosys

Revenue grows more than 45%.
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Shares of Infosys (INFY) - Get Free Report rose Friday after the tech outsourcing firm beat fourth-quarter earnings estimates on revenue growth of more than 45%.

Bangalore, India-based Infosys said net income for the quarter ended March 31 rose to $259 million, or 45 cents a share, from $152 million, or 27 cents a share, a year earlier.

Excluding a tax gain, Infosys earned 41 cents a share, above Thomson Financial's analyst estimate of 40 cents a share.

Revenue grew to $863 million from $593 million; analysts had expected revenue of $866.6 million.

For the first quarter, Infosys expects revenue to grow at least 37% to $904 million to $908 million and to earn 41 cents a share. First Call was expecting 39 cents a share and revenue of $921.1 million.

For the full fiscal year ahead, the company said it expects to earn $1.86 a share to $1.89 a share on revenue of $3.96 billion to $4.02 billion.

Infosys also announced that, effective June 22, CEO Nandan Nilekani will become co-chairman, while Chief Operating Officer Kris Gopalakrishnan will become CEO.

Shares of Infosys were recently up $1.07, or 2%, to $54.60.