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Information technology services firm Infosys Ltd. (NYSE: INFY) reported revenue rose 15.0 percent year over year to $2.07 billion in its fiscal second quarter ended Sept. 30. However, gross margin fell to 21.8 percent from 26.3 percent in the same quarter last year.
Net profit was $383 million, down 11.1 percent year over year from the same period last year. CEO and Managing Director S.D. Shibulal said in a conference call with analysts that Infosys set aside a reserve of $35 million based on the status of ongoing discussions with the U.S. Attorney's office and other government departments regarding a resolution of the government’s investigation into the company’s compliance with I-9 requirements and past B-1 usage.
Infosys Ltd. (NYSE: INFY):
For the second quarter ended Sept. 30, 2013, compared with the same period in the previous year.
Revenue: $2.07 billion, +15.1 percent
Net profit: $383 million, -11.1 percent