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India`s second largest software services exporter, Infosys Technologies disclosed a substantial rise in its consolidated net profit for the third quarter ended December 2008. During the quarter, the profit of the company rose 33.31% to Rs 16,410 million from Rs 12,310 million in the corresponding quarter, in the previous year.
Total Income has grown by 31.54% to Rs 58,260 million for the quarter ended Dec.31, 2008 from Rs 44,290 million for the quarter ended Dec.31, 2007.
Standalone net profit
Infosys Technologies disclosed a substantial rise in standalone net profit for the quarter ended December 2008. During the quarter, the profit of the company rose 34.74% to Rs 15,980 million from Rs 11,860 million in the same quarter previous year.
Net sales for the quarter rose 35.76% to Rs 54,290 million, while total income for the quarter rose 31.94% to Rs 54,770 million, when compared with the prior year period. The company reported earnings of Rs 27.92 a share during the quarter, registering 34.42% growth over prior year period.
Highlights
Consolidated results for the quarter ended Dec. 31, 2008
- Third quarter revenues at USD 1,171 million, up 8% from the corresponding quarter last fiscal; in constant currency 14.6%.
- Earnings per American depositary share* (ADS) increased to USD 0.58 from USD 0.55 in the corresponding quarter last fiscal; year on year (YoY) growth was 5.5%.
- 30 new clients were added during the quarter by Infosys and its subsidiaries
- Gross addition of 5,997 employees (net 2,772) for the quarter by Infosys and its subsidiaries.
- 103,078 employees as on December 31, 2008 for Infosys and its subsidiaries
*The tax provision for quarters ended Dec. 31, 2008 and Dec. 31, 2007 includes a net tax reversal of USD 12 million and USD 13 million respectively. Excluding this reversal, the earnings per share for the quarters ended Dec. 31, 2008 and December 31, 2007 would have been USD 0.56 and USD 0.53 respectively, resulting in a YOY growth of 5.7%.
CEO`s comment:
``In a challenging environment, our focus is on creating value for clients, running an optimized business, and evolving our business model that will allow us to emerge stronger when the global economy starts recovering,``said S. Gopalakrishnan, CEO and managing director.
Business outlook
The company's outlook (consolidated) for the quarter ending Mar. 31, 2009 and for the fiscal year ending Mar. 31, 2009, under international financial reporting standards (IFRS), is as follows:
Outlook under IFRS
Quarter ending Mar. 31, 2009
Consolidated revenues are expected to be in the range of USD 1,128 million and USD 1,170 million; YoY decline of 1.2% to growth of 2.5%; in constant currency, growth of 4.7% – 8.6%.
Consolidated earnings per American Depositary Share are expected to be USD 0.55; same as last year.
Fiscal year ending Mar. 31, 2009
Consolidated revenues are expected to be in the range of USD 4.67 billion and USD 4.71 billion; YoY growth of 11.8% – 12.8%; in constant currency 15.6% – 17.6%.
Consolidated earnings per American depositary share (ADS) are expected to be USD 2.23; YoY growth of 9.9%.
COO`s comment:
``On a constant currency basis, pricing declined by 1.8% during the quarter,``said S.D. Shibulal, chief operating officer (COO). ``We are comfortable with the current pricing environment and believe that the pricing could get impacted if the situation worsens further.``
CFO`s comment:
``Our robust and flexible operating and financial models position us well in the current uncertain economic environment,``said V. Balakrishnan, chief financial officer. ``Our operating margins during the quarter increased primarily due to depreciation of rupee which was to some extent offset by the depreciation of other major currencies against the USD.``
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