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Infosys (NYSE:INFY) is a global technology services company located in India. The company is growing rapidly servicing European and American markets with IT solutions. INFY is hiring rapidly with additions the highest in three years.

While business has been strong for INFY, they noted their continued exposure to global economic uncertainty and specifically to currency volatility as a major risk to earnings.

Earnings: INFY reported net earnings of $374 million for the quarter ($0.65 cents per share). This was a 16.1% increase from the prior year net earnings of $0.56 per share and beat analyst estimates for $0.61 per share.

Revenues: Revenues increased 29.6% to $1.496 billion from last year’s $1.154 billion. Quarter-over-quarter growth was 10.2%. Analysts expected INFY to produce $1.4 billion in total revenue.

Actual versus Wall Street Expectations: INFY handily beat expectations on the both the top and bottom line.

Notable Stats: INFY added 27 new clients in the second quarter and added 7,600 employees. INFY also declared an interim dividend of $0.22 per share and a special divident of $0.67 per share.

Did You Hear That? CEO and Managing Director, S. Gopalakrishnan said:

Though the economic environment continues to be challenging, we have leveraged our client relationships, solutions and investments to grow faster in this quarter, there are significant drivers for investment in Information Technology since any transformation program to ‘build tomorrow’s enterprises’ requires these investments to be made. We are partnering with our clients on these initiatives.

Comments: INFY increased guidance substantially for next quarter and for the full year 2011 over analyst expectations. While currency risk is a significant factor, INFY should do well in an increased IT spending environment around the world.

But, when you invest in INFY are you really investing in India?

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Disclosure: No position

Source: Earnings Cheat Sheet: Infosys Looks Good, But Currency Wars Hit the Books