BANGALORE, INDIA: IT bellwether Infosys Technologies today reported a dip in its profit for the quarter ended June 30, 2010 compared to the previous quarter. The group has posted a net profit of Rs 1488 crore for the quarter ended June 30, 2010 - down 7 per cent from Rs 1,600 crore posted in the previous quarter and 2.4 prcent from Rs 1525 crore registered for the quarter ended June 30, 2009.
However, the revenues saw an increase. Total income has increased from Rs 5741 crore for the quarter ended June 30, 2009 to Rs 6198 crore for the quarter ended June 30, 2010, it said in a regulatory statement. Revenue was at Rs 5,944 crore in the previous quarter.
Also read: Infosys BPO wins awards from US
In dollar terms, the net income was $ 326 million, a QoQ decline of 6.6 per cent and a YoY growth of 4.2 per cent.. Revenues were $ 1,358 million for the reporting quarter, which shows a QoQ growth of 4.8 per cent and YoY growth of 21 per cent.
For the quarter ending September 30, 2010, the the income is expected to be in the range of Rs. 6,563 crore to Rs. 6,626 crore; a YoY growth of 17.5 per cent to 18.6 per cent, said Infosys. For the fiscal year ending March 31, 2011, the income is expected to be in the range of Rs. 26,441 crore to Rs. 26,885 crore, it added.
Also read: Infosys clarifies on top official's salary
Earnings per share declined to Rs. 26.06 from Rs. 26.76 in the corresponding quarter of the previous year, which shows a QoQ decline of 7 per cent and a YoY decline of 2.6 per cent.
However, for the fiscal year ending March 31, 2011, under International Financial Reporting Standards (IFRS), the company expects that the EPS would be in the range of Rs. 112.21 to Rs. 116.73; YoY growth of 2.9 per cent to 7.1 per cent. For the quarter ending September 30, 2010, the earnings per share is expected to be in the range of Rs. 27.42 to Rs. 27.95, said Infosys.
Following the results, Infosys shares were down by 2.09 per cent at BSE. Infosys shares had touched a all-time high on Monday. At 9.35 a.m the shares were traded at Rs. 2,834.50, down by Rs. 60.45 compared to the previous day's closing of Rs. 2894.95.
(Does the disappointing result of Infosys suggest that the world which was coming out of the recession has walked straight into the mouth of a European crisis? Please put your opinion in the box below.)