Further depreciation of the Indian rupee during the third quarter (October-December) has forced Infosys Technologies Ltd to marginally revise upwards its revenue guidance for this fiscal (2008-09) under the Indian accounting system and downwards under the new international financial reporting standards (IFRS).
In a notification to the stock exchanges in Bangalore on Tuesday, the IT bellwether said consolidated income for the entire fiscal (FY 2009) would be in the range of Rs.216-218 billion, projecting 29-30 per cent year-on-year (YoY) growth under the Indian accounting system as against Rs.213-217 billion (29 per cent YoY) estimated in the previous quarter when the US dollar was at Rs 46.97.
With the US dollar at Rs 48.71, guidance for consolidated income under the IFRS has been lowered to $4.67-4.71 billion from $4.72-4.81 billion, as estimated at the beginning of the third quarter (October-December). The projected YoY growth is 11.8-12.8 per cent under the revised guidance as against 13-15 per cent estimated previously.
Similarly, for the third quarter (October-December) of FY 2009, consolidated income is expected to be in the range of Rs 55-57 billion, projecting 21-26 per cent YoY growth under the Indian accounting system.
Under IFRS, consolidated revenue for Q3 is projected to be $1.13 billion, a decline of 1.2 per cent to growth of 2.5 per cent.