New Delhi: IT major Infosys Technologies on Wednesday posted a 34.5 per cent rise in consolidated net profit at Rs 1,079 crore for the first quarter ended June 30, as it revised the company's rupee guidance downwards, reflecting the appreciation of the currency.
The net profit of Rs 1,079 crore includes a reversal of tax provisions amounting to Rs 51 crore. Earnings per share increased to Rs 18.89 from Rs 14.36 for the corresponding quarter in the previous year, a year-on-year growth of 31.5 per cent.
Excluding the reversal, the earnings per share for the quarter would have been Rs 18, resulting in 25.3 per cent growth.
First quarter revenues grew 25.1 per cent year-on-year to Rs 3,773 crore, while the sequential (Q4 of 2006-07 vs Q1 of 2007-08) growth was flat.
The NASDAQ-listed firm revised its dollar guidance upwards and the rupee guidance downwards, reflecting the appreciating Indian currency.
"The sharp appreciation of the rupee against all major currencies impacted our operating margins during the quarter", PTI quoted Chief Financial Officer V Balakrishnan as saying.
However, the company's "robust" and "flexible" operating and financial model enabled it to maintain its net margins while absorbing the impact of appreciating currency, higher wages and visa costs, he said.
Shares of the company fell by 4.93 per cent at Rs 94.95 in the early morning trade at the BSE. The company plans to hire 26,000 people for the year 2007-08.
(With agency inputs)
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