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Infosys revenues cross $1 b in Q2
Revises upwards guidance for 2007-08
Infosys Technologies has reported an 8.8 percent sequential growth in its revnues for the quarter ended September 30, 2007, to earn Rs. 4,106 crore. The net profit after taxes was Rs.1,100 crore, representing an 18.4 percent year-on-year growth.
Earnings per share increased by15 percent (compared to the same quarter last year) to Rs. 19.26.
The company will declare an interim dividend of Rs.6 per share (120 percent ona par value of Rs.5 per share).
Infosys CEO and Managing Director, S. Gopalakrishnan told reporters here in Thursday that, “We reached another milestone by crossing $1 billion revenues this quarter. The offshoring model continues to be popular even with North American clients though we have increased focus on markets less impacted by the U.S. dollar; clients in Europe now account for 26.4 percent of total client base”.
With revenues foing up 48 new clients added during the quarter, the company has revised upwards its guidance for 2007-08, with income exppected to be in the Rs. 16,588-16,648 crore range and a year-on-year growth of 19.5 per cent, Chief Operating Officer, S.D. Shibulal, said.
“Pricing remained stable and in fact went up by 1.9 per cent last quarter. A good number of new clients added were in Europe. These include a multi-million dollar contract from Royal Philips Electronics of the Netherlands and finance and accounting services for a global automotives components manufacturer,” he said.
V. Balakeishna, Chief Financial Officer, said, “Though the depreciating U.S. dollar impacted overall profitability, we managed to improve operating margins. Our hedging position as on September 30 was $1.4 billion”.
The anticipated revenues for the whole fiscal from global operations has been based on the U.S. dollar remaining around Rs. 39.50 and “currency movent can always be two-ways”.