Infosys Technologies Ltd has announced the following audited results for the quarter and year ended March 31, 2007:

The results for the quarter ended March 31, 2007

The company has posted a net profit after tax and exceptional items of Rs 1,124 crore (Rs 11.24 billion) for the quarter ended March 31, 2007 as compared to Rs 664 crore (Rs 6.64 billion) for the quarter ended March 31, 2006. Total Income has increased from Rs 2563 crore (Rs 25.63 billion) for the quarter ended March 31, 2006 to Rs 3675 crore (Rs 36.75 billion) for the quarter ended March 31, 2007.

The results for the year ended March 31, 2007

The company has posted a net profit after tax and exceptional items of Rs 3783 crore (Rs 37.83 billion) for the year ended March 31, 2007 as compared to Rs 2421 crores (Rs 24.21 billion) for the year ended March 31, 2006. Total Income has increased from Rs 9172 crores (Rs 91.72 billion) for the year ended March 31, 2006 to Rs 13524 crores (Rs 135.24 billion) for the year ended March 31, 2007.

The consolidated results are as follows:

The consolidated results for the quarter ended March 31, 2007

The group has posted a net profit after tax, exceptional items and minority interest of Rs 1144 crore (Rs 11.44 billion) for the quarter ended March 31, 2007 as compared to Rs 673 crore (Rs 6.73 billion) for the quarter ended March 31, 2006. Total Income has increased from Rs 2696 crores (Rs 26.96 billion) for the quarter ended March 31, 2006 to Rs 3891 crores (Rs 38.91 billion) for the quarter ended March 31, 2007.

The consolidated results for the year ended March 31, 2007

The group has posted a net profit after tax, exceptional items and minority interest of Rs 3856 crores (Rs 38.56 billion) for the year ended March 31, 2007 as compared to Rs 2458 crores (Rs 24.58 billion) for the year ended March 31, 2006. Total Income has increased from Rs 9660 crores (Rs 96.6 billion) for the year ended March 31, 2006 to Rs 14265 crores (Rs 142.65 billion) for the year ended March 31, 2007.

Business outlook

Infosys has announced the following business outlook:

The company's outlook (consolidated) for the quarter ending June 30, 2007 and the fiscal year ending March 31, 2008, under Indian GAAP and US GAAP, is as follows:

Outlook under Indian GAAP - consolidated

Quarter ending June 30, 2007**

• Income is expected to be in the range of Rs 3896 crores (Rs 38.96 billion) and Rs 3913 (Rs 39.13 billion); YoY growth of 29.2 per cent - 29.8 per cent
• Earnings per share before exceptional item is expected to be Rs 17.84; YoY growth of 24.2 per cent

Fiscal year ending March 31, 2008**

• Income is expected to be in the range of Rs 17038 crores (Rs170.38 billion) and Rs 17308 crores (Rs 173.08 billion); YoY growth of 22.6 per cent-24.6 per cent.
• Earnings per share***before exceptional item are expected to be between Rs 80.29 and Rs 81.58; YoY growth of 20.0 per cent-22.0 per cent

** Conversion 1 US$ = Rs 43.10

*** Excluding tax reversal of Rs 1250 million in fiscal 2007

Outlook under US GAAP

Quarter ending June 30, 2007

• Consolidated revenues are expected to be in the range of U$ 904 million and $ 908 million; YoY growth of 37.0 per cent- 37.6 per cent.
• Consolidated earnings per American Depositary Share are expected to be $ 0.41; YoY growth of 28.2 per cent

Fiscal year ending March 31, 2008

• Consolidated revenues are expected to be in the range of $ 3.95 billion and $ 4.02 billion; YoY growth of 28.0 per cent-30.0 per cent
• Consolidated earnings per American Depositary Share*** are expected to be between $ 1.86 and $ 1.89; YoY growth of 25.7 per cent-27.7 per cent

*** Excluding tax reversal of US$ 29 million in fiscal 2007

"Our revenues are expected to grow to US$ 4 billion next fiscal," said S. Gopalakrishnan (Kris), chief operating officer, president and joint managing director. "Our continuous investments in brand, infrastructure, technology, people, intellectual capital and service offerings have positioned us well to take full advantage of the continued globalisation of services."

Infosys has also informed the Bombay Stock Exchange that the board of directors of the company at its meeting held on April 13, 2007, inter alia, has recommended a final dividend of Rs 6.50 per share (130 per cent on the equity share par value Rs 5).

Further the company has informed that, the board of directors has approved the following changes in the senior management of the Company that will become effective from June 22, 2007.

• Nandan M Nilekani becomes the co-chairman of the board
• S Gopalakrishnan assumes the role of chief executive officer and managing director.
• S D Shibulal assumes the role of chief operating officer of the company.

Offshore salary

Infosys said it has increased offshore salaries by around 12-15 per cent for 2007-08.

The company's head-HRD, education & research, T V Mohandas Pai said the company is making substantial investments in creating a scalable training engine in Mysore to support its future growth.

"By December 2007, we will have the capacity to train 13,500 employees at a time," Pai said.

(Above) Infosys chief mentor and chairman N R Narayana Murthy (L) and current chief executive officer Nandan Nilekani discuss a point during a press conference in Bangalore on Friday. Nilekani will be co-chairman of the company from June 22, while S 'Kris' Gopalakrishnan will be the new Infy CEO.

Photograph: Dibyangshu Sarkar/AFP/Getty Images

Source: Bombay Stock Exchange and PTI