Infosys Technologies said Tuesday that it expected its revenue to grow by 19% to 21% to $5 billion in its current fiscal year, ending March 31.

Despite concerns about a slowdown in the U.S., India's second-largest software and services outsourcer also reported revenue of $4.18 billion for the fiscal year ended March 31 this year, a 35% increase over revenue in the previous year. The company's profit for the year was $1.2 billion, up by 36% from the previous year. Revenue and profit growth was lower than in the last fiscal year, when the company's revenue grew by 44 percent, and profits by 53%.

The results are based on U.S. generally accepted accounting principles (GAAP).

Infosys' results come in the wake of increasing cost of staff in India, a strengthening of the Indian rupee against the U.S. dollar, and concerns about a likely slow-down in some segments of the IT market in the U.S. Though there could be short term challenges because of global economic uncertainties, Infosys expects significant growth opportunities in the medium and long term, it said Tuesday.

Infosys' competitors Wipro and Tata Consultancy Services (TCS) are also expected to report revenue and profit growth later this month.

India's National Association of Software and Service Companies (NASSCOM) in Delhi has indicated that India's software and services exports are likely to have grown by 28% to about $31 billion in the year to March 31.

Infosys added 18,946 employees during the year, taking the total number of employees to 91,187 as on March 31. The company competes for staff with other Indian outsourcers as well as the Indian operations of multinational services companies such as IBM and Accenture. The company's staff attrition rate for the year was 13.4%, at similar levels to a year earlier.

The IDG News Service is a Network World affiliate.

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