Infosys: Revenues from financial services, insurance up

BANGALORE: India's second-largest software exporter Infosys said its revenue from financial services and insurance sectors rose 1.9% sequentially during the first quarter ended June 30. Clients in the banking, financial services and insurance sectors contributed 33.7% of Infosys’ overall revenues.

The Bangalore-based company, which reported its first-quarter earnings today, said manufacturing sector revenues grew 4% on a quarter-on-quarter basis. The segment contributed 22.5% to Infosys’ total revenues in the first quarter.

Over the past few quarters, Indian IT firms have been complaining about reduced technology spending by banking firms in the United States and Europe. However, the rise in revenues from this segment could be a sign that Infosys’s financial services clients are spending more on technology and related areas as macro-economic environment in the US improves.

Retail and consumer product firms contributed 15.8% to revenues, up from 15.4% last quarter, while the energy, utilities and communications sector contributed 19%, slightly down from 20% in the previous quarter.

The company got 8.5% of its revenues from clients the telecom sector, while 2.4% of its revenues came from healthcare.