MUMBAI, India (AP) Indian IT outsourcing giant Infosys posted a fall in quarterly profit Friday 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 4 percent in Mumbai after the company raised the low end of 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 the possible resolution of an ongoing dispute with U.S. authorities over whether it misused temporary visas to bring Indian workers into its largest market.
"Infosys is engaged in discussions with the U.S. Attorney's office and other government departments regarding a civil resolution of the government's investigation into the company's compliance" with temporary visas for tech workers known as B-1 visas, Infosys said in an addendum to its quarterly report.