Infosys Q1 net at Rs 1,527 crore, up 17.28%

Software major Infosys Technologies on Friday reported a 17.28 per cent growth in consolidated net profit at Rs 1,527 crore (Rs 15.27 billion) in the first quarter ended June 30, 2009.

The firm had a net profit of Rs 1,302 crore (Rs 13.02 billion) in the first quarter of the previous fiscal, Infosys said in a filing to the Bombay Stock Exchange.

The income of the company from software services, products and business process management stood at Rs 5,472 crore (Rs 54.72 billion) for the Q1 ended June 30, 12.73 per cent up from Rs 4,854 crore (Rs 48.54 billion) in the corresponding period a year-ago.

"We believe that in the short term the global economic environment will continue to be challenging. We are working closely with our clients to help them navigate the downturn," Infosys CEO and managing director S Gopalakrishnan said.

Cash and cash equivalents, including investments in liquid mutual funds and certificate of deposits, as on June 30, 2009 was Rs. 12,030 crore or Rs 120.3 billion (Rs.7,411 crore or Rs 74.11 billion as on June 30, 2008).

On a quarter-on quarter basis, however, Infosys' net profit declined 5.33 per cent to Rs 1,527 crore in Q1, from Rs 1,613 crore (Rs 16.13 billion) in the January-March quarter of FY 2009.

"The global currency markets continue to be volatile. During the quarter, the rupee appreciated against the dollar," Infosys chief financial officer V Balakrishnan said.

On a standalone basis the software major posted a net profit of Rs 1,464 crore (Rs 14.64 billion) for the quarter ended June quarter, up 16 per cent from Rs 1,262 crore (Rs 12.62 billion) in the same period last fiscal.

The company's total income increased to Rs 5,369 crore (Rs 53.69 billion) during the Q1 of FY'10, from Rs 4,647 crore (Rs 46.47 billion) in the year-ago period.

During the quarter, Infosys and its subsidiaries added 27 new clients.

The company's employee strength, however, declined by 945 during the said period to 1,03,905.

The company's earnings per share increased to Rs 26.66 during the Q1, up 17.2 per cent from Rs 22.75 in the same quarter of the previous year.

"We continue to focus on margins while making the right investments to accelerate growth," Balakrishnan said.