Infosys Q1 net zooms 156%

By : |July 16, 1999 0

Infosys Technologies Limited’s net profit for the first
quarter (Q1) of 1999-2000 zoomed by 156 percent over the corresponding quarter for the
previous period. Its net profit from ordinary activities was Rs 60.61 crore for Q1 of this
fiscal as compared to Rs 23.67 crore for Q1 of 1998-99. It posted a total income of Rs
184.06 crore for the Q1 of this fiscal, an 87% increase over Rs 98.43 crore for the
corresponding quarter in the previous year. However, excluding the exchange differences
and the interest earned on funds raised through the ADS offering, the net profit is Rs
48.96 crore, a 106.84 percent increase over the net profit of Rs 23.67
crore. "Growth
and profitability were driven by our tapping both new and existing market
opportunities," N R Narayana Murthy, Chairman and Chief Executive Officer, said.
"We saw clients make investments in core systems and in moving their organizations to
the new e-commerce environment," he said.

Export income for this quarter was Rs 168.62 crore, an
increase of 75 percent over Rs 96.38 crore for the corresponding quarter in the previous
year. The company added 19 new clients during the quarter. Several of these were in the
e-commerce area including Amazon.com, EC Cubed and Value America. It is also helping CBS
SportsLine in building next generation virtual sports store. Infosys entered into an
alliance with CyberSource Corporation for payment, tax calculation, risk management,
fulfillment management and distribution control. Revenue from Y2K business as a proportion
of total revenue declined to 12 percent in this quarter, as against 15 percent in the
quarter-ended March 31, 1999. E-commerce contributed to 6.4 percent, as against 5 percent
in the quarter-ended March 31, 1999.

"The company has been able to successfully migrate
its skill-set to new paradigms, delivering value to clients where it matters most,"
said Nandan M Nilekani, Managing Director, President and Chief Operating Officer. S
Gopalakrishnan, Deputy Managing Director, said, "The company continues to lay
emphasis on attracting, enabling and retaining the best and brightest people. A learning
culture permeates the organization, spurring higher value delivery to clients."

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