India's second largest software exporter Infosys Technologies' net profits have risen 24.3% in the third quarter, driven by international outsourcing contracts.

The Nasdaq-listed company added 23 clients in the quarter ending December, compared with 18 in the previous one, including US telecoms giant AT&T and pharmaceutical maker Bristol-Myers Squibb.

"Global corporations are seeking robust, financially strong, world-class partners such as Infosys to outsource their information technology requirements," said Infosys chief executive Nandan Nilekani.

Despite the strong performance, the results were lower than analysts' expectations and shares fell on the news.

Forecast raised

Net profit rose to 2.56bn rupees ($53m) driven by a 45% increase in revenues to 9.58m rupees.

The markets were disappointed by the results despite Infosys raising is revenue forecasts by over 3bn rupees to between 35.7bn and 35.9bn.

Infosys has about 300 clients - including Bank of America and Citigroup - and has more than 13,000 employees, mostly in India.

It is the first major software firm to report results, with India's largest software exporter, privately held Tata Consultancy Services, and third largest Wipro, due shortly.

Infosys slid by as much as 5.85% percent to 4,515.65 rupees before recovering slightly on the Bombay Stock Exchange.