It bellwether Infosys Technologies Ltd outperformed market estimates for the first quarter of the current fiscal but also reduced projections made earlier for the revenues for 2009-10 fiscal year. A day after bidding farewell to its co-chairman and co–founder Nandan Nilekani, Infosys on Friday registered a net profit after tax of Rs 1,527 crore for the first quarter of the fiscal, notching a 17.3 per cent growth in profits when compared to the same period of last year but a 5.3 per cent dip in the sequential quarter.

Infosys reported a first quarter revenue of Rs 5,472 crore, a 12.7 per cent growth when compared with the same period of last year but a 2.9 per cent decline over the last quarter (sequential). With the results beating market estimates, Infy shares rose 2.97 per cent to Rs 1,726.50 on the bourses. Other IT stocks like Wipro and TCS also gained ground in a weak market.

The company had originally forecast revenues between Rs 5,379 crore and Rs 5,480 crore. In dollar terms, the company generated revenues of $ 1,122 million against an April 15, 2009 forecast of $ 1,060 million to $ 1,080 million.

However, it has lowered guidance for the current year. Recasting its projection for the whole year, Infosys brought down its forecast for annual revenues down to the range of Rs 21,416 crore and Rs 21,747 crore indicating a possible negative annual growth in rupee terms for the first time — in the minus 1.3 per cent to a positive 0.3 per cent range. In its April projections the company had put the annual revenue forecast in the Rs 22,066 crore — Rs 22,928 crore range indicating a positive growth between 1.7 to 5.7 percent.

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