Infosys Q1 standalone net profit up 6.76% QoQ

[sugu jikka bhai macchi]

MUMBAI - Infosys Technologies Ltd on Friday 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 on consolidated basis 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.

Standalone Basis

The IT bellwether has posted a net profit of Rs 1,262 crore for the
June quarter, up 6.76 per cent from Rs 1,182 crore in the January-
March quarter. Net sales for the first quarter was Rs 4,516 crore
against Rs 4,235 crore in the immediate preceding quarter. This
represents a growth of 6.63 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

N.Sukumar
Research Analyst