India's second largest Information Technology giant Infosys Technologies Ltd. declared its first quarter (Q1) result for fiscal year (FY) 2012-13 reporting a net profit of Rs. Rs.2,289 crore (US$22.89 billion), a 33% year-on-year (YoY) growth.
However, it has projected lowered outlook for 2013 in dollar terms due depreciation of Rupee in the international market. As against the projected revenue of $7.6 billion for FY 2012-13 with nine percent year-on-year (YoY) growth given on April 13, the global software major Thursday revised its growth to negative to 5% YoY to $7.34 billion.
In a regulatory filing, the IT bellwether said its consolidated revenue for the quarter under review (Q1) increased 29 percent YoY to Rs.9,616 crore (Rs.96.16 billion).
Under the International Financial Reporting Standards, the company's net income in dollar terms, however, increased marginally 8.3 percent YoY to $416 million and revenue by 4.8 percent YoY to $1.75 billion while in rupee terms, Infosys has projected its estimated consolidate revenue to grow 20 percent YoY to Rs.40,364 crore for the fiscal under review (FY 2013), which is marginally higher than Rs.38,784 crore projected in April with 15 percent growth YoY owing to steep rupee depreciation during the first quarter (Q1).
With 98 percent of its earnings accruing from export of software services and products to the US, Europe and the rest of the world, revenue for first quarter at $1.75 billion is 1.1 percent less sequentially from $1.77 billion in fourth quarter (Jan-March) of previous fiscal (2011-12) though 4.8 percent up YoY from $1.67 billion a year ago.
"Our focus on Infosys 3.0 (version) and building tomorrow's enterprise coupled with disciplined execution will help us deliver high-quality growth, despite challenges seen in the global economic situation resulting in slower IT spends by large corporations," chief executive S.D. Shibulal said in a statement here.
As the rupee depreciated to 55 to a dollar from 51 to a dollar during the quarter (Q1) under review, net income in dollar terms declined sequentially 10.2 percent to $416 million from $463 million in fourth quarter (Q4) of FY 2012, though 8.3 percent up YoY from $384 million a year ago.
"Globally currency volatility continues to be a big challenge for the industry. We are making the right investments balancing the short-term needs with long-term opportunities," chief financial officer V Balakrishnan said.
In rupee terms, however, revenue for first quarter increased 29 percent YoY to Rs.9,616 crore (Rs.96.16 billion) and net profit rose 33 percent YoY to Rs.2,289 crore (Rs.22.89 billion).
Sequentially, though revenue went up 8.6 percent from Rs.8,852 crore (Rs.88.52 billion) in fourth quarter, net profit declined 1.2 percent from Rs.2,316 crore (Rs.23.16 billion).
The company also dispensed with revenue guidance for the second quarter (July-September) as against the practice without assigning any reason.
The company and its subsidiaries added 51 customers during the quarter, taking the total number of active clients to 711 from 628 a quarter ago and 694 a year ago.
Lowering of annual revenue forecast and negative growth in topline and bottomline tanked the blue chip's scrip 9-10 percent on the Bombay Stock Exchange (BSE) during the morning trading.
Opening at Rs.2,270 as against Wednesday's closing rate of Rs.2,466, the company's Rs.5 per share hit a low of Rs.2,216 in intra-trading though it managed to recover to Rs.2,252 at 11 a.m.
The company's earnings per share (EPS) shot up 33 percent YoY to Rs.40.06 during the quarter (Q1) in rupee terms, while its earnings per American depository share rose nine percent YoY to 73 cents.
--With IANS Inputs
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