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Infy shrugs off rupee pains

Infosys Technologies announces a net profit of Rs 1, 231 cr during the third quarter of 2007-08, notching 25.2 pc growth over the corresponding quarter in the previous year, reports BR Srikanth.

business Updated: Jan 11, 2008 22:58 IST
BR Srikanth
BR Srikanth
Hindustan Times

Buoyed by an expansion in business, particularly in Europe, Infosys Technologies on Friday announced a net profit of Rs 1, 231 crore during the third quarter of 2007-08, notching 25.2 per cent growth over the corresponding quarter in the previous year.

Income in the quarter was Rs 4, 271 crore, up 16.9 per cent, with the company crossing the $3 billion mark in revenue during the first nine months of 2007-08. The net profit for the quarter includes Rs 50 crore from reversal of tax provisions. The sequential (quarter-on-quarter) revenue growth was 4.02 per cent. Earnings per share rose by 23 per cent year on year to Rs 60 during the first nine months of 2007-08 from Rs 49 in the same period a year ago. The company and its subsidiaries added 47 new clients during the quarter against 48 in the previous one and 43 in the year-ago period.

The information technology bellwether is set to achieve revenues of Rs 16, 651 crore during 2007-08, growing 19.9 per cent, with earnings per share likely to touch Rs 81. 07.

"We see several opportunities for growth in the marketplace and have concluded several multi-year, multi-million dollar deals during the third quarter. We believe that our ability to handle large, complex programmes using the Global Delivery Model provides a compelling value proposition to global customers seeking efficiency in a challenging macro-environment," S Gopalakrishnan, CEO and Managing Director of Infosys, told a news conference.

"We saw strong growth in Europe during the quarter. The pricing environment continues to be stable with an upward bias. We increased the depth of client engagements and our top 10 customers showed double-digit revenue growth. The total number of active clients by the end of third quarter is 530 as against 520 by the end of the second quarter and 488 a year ago," said SD Shibulal, chief operating officer.