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Infosys Q1 net up at Rs 532 crore

Last updated on: July 12, 2005 10:19 IST

IT major, Infosys Technologies Ltd has announced the following audited results for the quarter ended June 30, 2005:

The company has posted a net profit after tax and exceptional item and minority interest of Rs 532 crore (Rs 5.32 billion) for the quarter ended June 30, 2005 as compared to Rs 388 crore (Rs 3.88 billion) for the quarter ended June 30, 2004.

Highlights:

Others

"The success of our recently concluded Sponsored Secondary ADS issue is yet another confirmation of the confidence the world has in our business model," said Nandan M. Nilekani, CEO, president and managing director.

Business outlook

The company's outlook (consolidated) for the quarter ending September 30, 2005 and the fiscal year ending March 31, 2006, under Indian GAAP and US GAAP, is as follows:

Outlook under Indian GAAP - consolidated

Quarter ending September 30, 2005*

Fiscal year ending March 31, 2006*

* conversion 1 US$ = Rs. 43.51

Outlook under US GAAP

Quarter ending September 30, 2005

Fiscal year ending March 31, 2006

The board of directors co-opted David L Boyles, as an additional director pursuant to Section 260 of the Companies Act, 1956.

Expansion of services and significant projects

Infosys continued to build a leaner, more scalable and aligned organization to handle greater business complexity and provide higher client value. Its investments in new services such as R&D, system integration, infrastructure management services and independent validation solutions have yielded returns both in terms of revenue and value differentiation.

Infosys is redefining the business intelligence landscape in a leading Fortune 1000 digital lifestyle company. The project will be implemented on a SAP business warehouse platform and will be executed using Infosys' Global Delivery Model.

The solution encompasses a variety of Infosys' services, including technical architecture and consulting, change management, development and validation services.

Infosys has also designed and implemented an integrated point of sales replenishment solution for an independent business unit of the world's largest greeting card company. The implementation of the system will avoid stock-outs thereby increasing their retail sales by 10 per cent.

It will also help in reduction of the point of sale (inventory and manual effort spent in entering orders.

Infosys will build a centralized financial and management reporting system for a leading bank in the US. This implementation is part of a larger initiative aimed at building a finance and credit risk data warehouse to support compliance with Basel II requirements.

A market leader in commercial air-conditioners and hardware has sought Infosys' expertise for Sarbanes Oxley compliance, along with other IT services.

A leading global agribusiness with operations in 90 countries has engaged Infosys to consolidate varied data warehouse solution environments into an enterprise-wide data warehouse platform based on SAP data warehouse technology. Infosys' approach will enable standardised processes and uniform data standards.

"Our strategy has been to pursue high-quality prospects among Global 500 companies that will give us large, growing revenue streams for many years," said Basab Pradhan, head (worldwide sales) and senior vice president. "Our pursuit model, team-selling and emphasis on quality of account openings is paying off. This quarter, we started relationships with nine Global 500 companies in diverse industries like pharma, supermarkets, equipment manufacturing, automotive, utilities, insurance and banking in the US as well as Europe."