Infosys results
Infosys Technologies — the poster boy of India’s software services industry — beat market forecasts with an almost 35 per cent leap in net profits at Rs 1,079 crore during the first quarter ended June 30 compared with the year-ago period. But on a sequential quarter basis, its net profit actually tumbled 5.8 per cent from the Rs 1,145 crore recorded in the fourth quarter of fiscal 2006-07 that closed on March 31. A surging rupee, growing wage bill and rising visa costs wrecked the first quarter forecasts that the company put out in early April and badly crimped its margins — a fact that weighed on the market which clobbered the stock and sent it skidding almost 5 per cent to Rs 1,929.70 at the end of a volatile day of trading. The company, which earns 98.2 per cent of its revenues from outside India, topped its dollar guidance for the quarter earning revenues of $928 million against the April forecast of $904-908 million — and put it well on course to meet its target of emerging as a $4billion company by the end of this fiscal.