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Companies

India's Infosys raises revenue outlook on strong deal pipeline

IT services giant says it is 'watchful' of economic situation in U.S. and Europe

India's second-largest IT services provider had a strong first half, but warns of headwinds for the remainder of the year.   © Reuters

BENGALURU -- Indian information technology giant Infosys on Thursday increased its revenue guidance for the current fiscal year on the back of a slew of sizable orders, but cautioned that some of its clients have begun cutting back on technology spending amid fears of recession.

Infosys, India's second-largest IT services company after Tata Consultancy Services (TCS), expects revenue to grow by 15% to 16% in the business year ending March 2023, after winning 27 larger deals during the July-September quarter. Worth more than $50 million each, the deals totaled $2.7 billion, the highest amount in seven straight quarters, Chief Executive Salil Parekh said at a press conference.

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