Infosys sets the ball rolling on Indian results

India's second biggest IT service provider has announced its financial results in what will be the first of a flurry of announcements from the IT giants of India.

The Indian suppliers' results are a good barometer of spending habits of CIOs.

In its third financial quarter of 2010, which ended on 31 December, Infosys made just shy of $1.6bn (£1.01bn) revenue, which was 6% higher than the previous quarter and nearly 29% higher than the same period last year.

The company's European head, BG Srinivas, said it feels like the economy is returning to normal. "We believe this coming year will be a normal one with no major shocks."

"From a customer perspective all indications suggest that stability is returning."

Infosys' profit was $397m in the quarter, which represented a 6.1% increase compared to the previous quarter and almost 19% more than the same quarter last year.

Infosys said it added 40 customers, from a broad base of sectors, during the period and now has 5,311 more employees and at. It now has 127,779 workers.

A total of 10 added customers were in Europe.