Infosys profits down on visa investigation

Infosys profits down on US visa investigation, stock up on revenue growth upgrade

Associated Press

MUMBAI, India (AP) -- Indian IT outsourcing giant Infosys has posted a fall in quarterly profit after setting aside funds for a visa-abuse investigation in the United States. Still, the company upgraded its revenue forecast for the year, pleasing investors.

Shares in Infosys rose 5.2 percent in Mumbai on Friday after the company raised its revenue growth forecast to 9 to 10 percent for the fiscal year ending March 2014, up from 6 to 10 percent.

Infosys said profit for the July-September quarter dropped 11.1 percent from the previous year to $383 million. Part of that fall was due to $35 million set aside for resolution of an ongoing dispute with U.S. authorities over whether it misused temporary visas to bring Indian workers into its largest market.

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