Information technology bellwether Infosys sent out signals that the IT and IT-enabled sectors can buck the trend of a global downturn in the face of a depreciating rupee and an increasing need for efficiency in global enterprises. The company in results announced for the first quarter of the current fiscal reported a 28.7 per cent revenue growth at Rs 4854 crore, for Q1 over the same period in the last financial year. The company reported a year on year profit growth for the period of 20.7 per cent at Rs 1,302 crore.

Sequentially, over the last quarter of 2007-08, Infosys revenue grew by 6.9 per cent from Rs 4,542 crore while profits grew by 4.2 per cent from Rs 1,249 crore. The company has projected revenue in the range of Rs 5,229 crore and Rs 5,272 crore — a year-on-year increase of 27.4 per cent to 28.4 per cent — over the next three months.

On the back of the depreciating rupee and prospects of continued good performance Infosys has also revised its outlook for the 2008-09 fiscal year. The company is now projecting revenues between Rs 21,278 crore and Rs 21,622 crore, a year on year growth of 27.4 per cent to 28.4 per cent. At the end of the 2007-08 fiscal, amid worries over the appreciating rupee, Infosys had projected a revenue growth in the range of Rs 19,984 crore and Rs 20,214 crore or 19.2 per cent to 21.1 per cent.

“Although the global economic environment continues to remain uncertain and could impact IT spending in the short term, we see several opportunities for growth as customers relentlessly focus on improving efficiency,” Infosys CEO and managing director Kris Gopalakrishnan stated.

... contd.