Infosys Witness First Quarter Decline

BANGALORE, INDIA (GaeaTimes.com)- Infosys Technologies Ltd witnessed a sharp decline of 2.4 percent in it’s first quarter net profit. Reportedly, the first quarter profit reports of Infosys is a sharp hit on software services owing to the increasing demand for outsourcing.

Infosys has already gone ahead to consolidate a three months net profit INR 14.88 billion ($326 million). As a matter of fact, the consolidated revenue witnessed a rise by a rate margin of 13 percent that makes it reach INR 61.98 billion from the initial figure of INR 54.72 billion. Speaking on the same line was Infosys Technologies Chief Executive S. Gopalakrishnan who said that the uncertainty of global environ shall pull in good business from all clients of Infosys. Infosys which happens to be the second-largest software exporter of India added a total of 38 new customers in the past quarter. Infosys is expecting a revenue figure that ranges somewhere in between $5.72 billion and $5.81 billion which is equivalent to INR 264.41 billion and INR268.85 billion. Earlier to this, Infosys had expected a revenue standing of $5.57 billion for the particular quarter.

Infosys has also raised the earning projection for the current year by a rate margin of 9.66 percent that makes it $2.42-$2.52 in accordance to the American Depositary Share. Infosys expects a total earning of $0.59-$0.60 per ADS (American Depository Share) upon a revenue amount of $1.413 billion-$1.427 billion. The EPS (Earnings Per Share) is said to be INR 112.21-INR 116.73 which is a rise by 7.1% percent. The dollar value has also witnessed a hike by 8% against euro owing to the debt crisis of Europe. The Indian Rupee on the other end has gained less than 1% against dollar.