Infosys Q1 net profit up 22.76% YoY, 6.76% QoQ

Infosys Technologies Ltd on Friday said it has posted a net profit of Rs 1,262 crore for the quarter ended June 30, 2008, on standalone basis, up 22.76 per cent compared to Rs 1,028 crore for the quarter ended June 30, 2007. Total income increased 22.09 per cent to Rs 4,647 crore in the April-June quarter of 2008, from Rs 3806 crore in the year ago quarter.

Sequential

The IT bellwether’s June quarter net profit was up 6.76 per cent from Rs 1,182 crore in the January-March quarter. Net sales for the first quarter grew 6.63 per cent against Rs 4,235 crore in the immediate preceding quarter.

Consolidate Basis

Infosys reported for the quarter ended June 30, 2008, a net profit of Rs 1,302 crore, up 4.24 per cent from Rs 1,249 crore in the preceding quarter ended on March 31, 2008. Net sales stood at Rs 4,854 crore for the April-June quarter, against Rs 4,542 crore in the March quarter, a growth of 6.86 per cent.

Tax Provision

Tax provision for the quarters ended June 30, 2008 and June 30, 2007 includes tax reversal of $7 million and $13 million, respectively. Excluding this reversal, EPS for the respective quarters would have been $0.53 and $0.44; YoY growth of 20.5 per cent.

Indian GAAP

Q1 revenues grew by 28.7 per cent year on year; sequential growth 7 per cent

US GAAP

Q1 revenues grew by 24.5 per cent year on year; sequential growth 1.1 per cent

Outlook for Q2

The IT major has guided for consolidated revenues of $1,215 million to $1,225 million for the quarter ending on September 30; year on year growth of 18.9-19.9 per cent.

Consolidated earnings per American depositary shares is expected to be in the range of $0.55 to $0.56; YoY growth of 14.6-16.7 per cent.

Outlook FY09

Infosys estimates consolidated revenues in the range of $4.97 billion to $5.05 billion; YoY growth of 19-21 per cent.

Consolidated earnings per ADS is expected between $2.32 and $2.36; YoY growth of 14.3-16.3 per cent. This includes tax reversal of $7 million in fiscal 2009 and $30 million in fiscal 2008. Excluding the tax reversal, the EPS is seen at $2.31 and $2.35 for the year ending March 31, 2009; YoY growth of 16.7-18.7 per cent.

Q1 Highlights

Consolidated revenues $1,155 million, up 24.5 per cent from same quarter last fiscal

Earnings per ADS increased to $0.54 from $0.46 last year, YoY growth of 17.4 per cent

Company, subsidiaries added 49 new clients during the April-June quarter

Gross addition of 7,182 employees (net 3,192)

Company had total 94,379 employees on its rolls as on June 30, 2008
Source: - ET

Infosys Technologies Apr-Jun, 08	Amount(Rs. million)
Interest Earned/Net Income from sales/services	48,540.00
Cost of Sales/Services	-27,540.00
Software Development Expenses	-27,540.00
Gross Profit	21,000.00
General Administrative Expenses	-3,640.00
Selling and Distribution Expenses	-2,570.00
Depreciation	-1,690.00
Operating Profit Before Interest	13,100.00
Interest	0
Exceptional Item	0
Operating Profit After Interest and Exceptional Items	13,100.00
Other Income	1,170.00
Profit (+)/ Loss (-) from Ordinary Activities before Tax	14,270.00
Tax	-1,250.00
Net Profit (+)/ Loss (-) from Ordinary Activities after Tax	13,020.00
Extraordinary Items	0
Net Profit	13,020.00
Minority Interest	0
Share of Profit & Loss of Asso	0
Net Profit after Mino Inter & Share of P & L	13,020.00
Any Other	0
Income Attributable to Consolidated Group	13,020.00
Cost of Investment In Sub	0
Equity Capital	2,860.00
Face Value (in Rs)	5
Reserves	148,630.00
EPS before Extraordinary items (in Rs)
EPS after Extraordinary items (in Rs)
Basic EPS after Extraordinary items	22.75
Diluted EPS after Extraordinary items	22.7
Number of Public Shareholding	368,298,570.00
Percentage of Public Shareholding	64.35