Infosys has crossed one billion dollar revenue for the quarter ended September 30 with a growth of 18.4 per cent despite the rising rupee and the sub-prime crisis. The company earned a net profit of Rs 1,100 crores after tax during the period, against Rs 929 crores for the same quarter last year. “We have achieved another milestone by crossing $1 billion revenues in this quarter,” Mr S. Gopalakrishanan, CEO and MD, Infosys, said on Thursday. “In an increasingly flat world, our unique business model combined with our value proposition continued to help our clients grow profitably,” he said while announcing the second quarter results of the Nasdaq-listed company.
Speaking to this newspaper about the rupee issue, Mr V. Balakrishnan, Infosys CFO, said: “The company is maintaining its margin despite losing Rs 2,000 crores YoY in the consolidated income and Rs 250 crores in the net profit.” He said that the company would not suffer in the next quarter even if the rupee appreciates further. “We proactively hedge our currency exposures to mitigate the impact of a rising rupee,” he said. He added that the company is facing challenges like scalability, hiring people on the front end and hiring leaders who can meet the market standards. When asked about the offshore development centres in China, he said, “We currently have 650 people working there and we will be exploring opportunities as and when it comes.”
No comments:
Post a Comment