Compared to the first quarter of the current fiscal, revenues and net profit reported on Friday saw a growth of 11.6 per cent and 10 per cent respectively. In dollar terms the company registered a 19 per cent growth in revenue in Q2 at $1,216 million. “We added 40 new clients. Despite adverse market conditions our pricing remained stable during the last quarter,'” chief operating officer S D Shibulal said. As many as 10 deals of reasonable sizes were clinched, he added.

None of Infosys’ financial and banking sector clients were facing solvency issues but liquidity issues exist for most clients as the sector consolidates, head of the banking and financial services business at Infosys Ashok Vemuri said.

As part of a long-term strategy to reduce dependence on the US market the company continued to increase the Europe component of its business. “There is a lot of headroom in Europe when compared to the US,” Gopalakrishnan said. The company is looking to bring its ratio of business from US, Europe, India and other parts to a 40:40:20 figure from the current 61:28:12, officials said.

Board member and head of HRD, education and research T V Mohandas Pai said that “irrational exuberance” marked by demands for high salaries has begun to erode in the face of the global crisis and attrition rates are dropping. The current environment has put engineering and manufacturing firms in competition with IT firms for new talent, he said.