Infy to add 800 employees in Q2

BANGALORE: Infosys Technologies has added 772 employees in the AMJ quarter of

2001-03 and plans to add about 800 more during the JAS quarter.

Out of the 772 additions, 144 were lateral hires and the Indian software

giant expects to add about 200 lateral hires in the present quarter.

"Lateral hires are people with experience and who join in the middle level.

All additions mentioned are software professionals/engineers," said Infosys,

head-Customer Delivery, SD Shibulal.

Out of the 1,300 campus selections made last year, 550 were absorbed during

the last quarter and the rest are expected to be taken into rolls by August end.

Infosys deferred these offers due to business reasons. Incidentally the net

addition to employees during the AMJ quarter has been 566 as compared to 75

during the last quarter of last year.

Effective July 1, 2002, Infosys has moved to a role based structure for

employees and the compensation structure would be more aligned towards

individual performance. The transition started in October last. "The role

based structure would enable Infosys to be a high performance organization

motivating the individuals, defining career path for each of the employees and

also defining an alternate career path for the employees, if requested,"

said a company official. The total headcount at Infosys is 11,304, as of quarter

that ended June 30, 2002.

The company has registered a total revenue of Rs 764.62 crore for the AMJ

quarter of 2002-03, a 24.83 per cent jump over the comparable quarter of the

previous fiscal. It has forecasted total revenue of Rs 762 to 781 crore for the

subsequent quarter and Rs 3,108 crore to Rs 3,195 crore for the year ending

2002-03. It has added 23 new clients during the quarter, including bear Stearns,

ZKB and National Commercial Bank, Jamaica.

On the business outlook, Infosys CEO, president and MD, Nandan N Nilekani

said, "revenue growth during the quarter has been robust. We continue to

remain cautious due to delays in client and prospect visits arising from the

adverse travel advisories and due to a challenging global business

environment."

The banking business unit acquired the IP of Trade IQ product from IQ

Financial System Inc., a US based company. It also entered into an agreement

with the Aeronautical Development Agency (ADA) for transferring the IP in

AUTOLAY, a commercial software application product used in the design of high

performance structural systems.

The members of the company have also approved in the AGM, an increase in the

limit on the aggregate FII holding in Infosys from 49 per cent to 100 per cent

of the paid up equity share capital of the company. The RBI has notified the

increase in FII limit in Infosys to 100 per cent.

It’s Business Process Management (BPM) venture, Progeon Limited, has

churned out a revenue of Rs 21 lakh for the AMJ quarter with 121 employees

aboard. The first round of funding of Rs 12.25 crore by Infosys and Rs 49 crore

from Citicorp has been completed.