Infosys revenues shoot up by 46pc in fiscal 2007

Bangalore, Apr 13: IT giant Infosys Technologies limited today reported a 45.9 per cent increase its revenue at Rs.13,893 crore for the fiscal 2007 with net profit soaring by 56.6 per cent at Rs 3,850 crore.

Aiming a four billion dollar business for the current fiscal, Company CEO and Managing Director Nandan M Nilekani announcing the results told newsmen ''the global IT services industry continues to show strong growth with exciting opportunities and Infosys is well positioned to take advantage of this''.

Infosys projected an ambitious outlook for the current fiscal with the income expectd to grow by 22.6 per cent to touch around Rs 17308 crore.

Announcing certain changes at the top, effective from June 22, the Company said Mr Nilekani has been made the Co-Chairman of the Board while Mr S Gopalakrishnan assumes the role of Chief Executive Officer and Managing Director. Mr S D Shibulal would be the new Chief Operating Officer.

The Company and its subsidiaries added 34 new clients were added during the fourth quarter with the gross addition of 30,946 employees during the year(net 19,526). As on March 31 Infosys had 72,241 employees on its rolls. The Board of directors have recommended a final dividend of Rs. 6.50 per share (130 per cent on par value of Rs. 5 per share) for fiscal 2007.

Mr Nilekani said ''Our revenues grew by around US dollar one billion this year''.

Mr Gopalakrishnan said ''our continuous investments in brand, infrastructure, technology, people, intellectual capital and service offerings have positioned us well to take full advantage of the continued globalization of services''.

Mr Nilekani commenting on his new role said he would focus on key client relationships and be a brand ambassador. He would deal with broad industry issues, provide global thought leadership, lead some transformation initiatives and contribute to strategy.

As businesses the world over sought to become more competitive, Infosys offered strategic technology solutions and business insights to help companies in leading industry verticals shift their operational priorities and win in an increasingly 'flat' business world.

Mr Sibulal currently Head of Worldwide Customer Sales and Delivery said ''Our continued focus on large clients has yielded results. Our largest client today contributes more than US dollar 200 million in revenues''. Finacle, the Universal banking Solution from Infosys, finished the financial year with a strong quarter. Finacle strengthened its relationship with a leading global bank by initiating the deployment of Finacle multi-channel alerts solution at its European home base.

Finacle also won three new clients in the Middle East and Latin America growth markets. In the North American market, ICICI Canada went live on Finacle.

During the quarter, Infosys applied for an aggregate of six patents in the US and India. As of March 31, 2007, Infosys has filed 66 patent applications in India and 15 patent applications in the US.

The company said Liquidity Cash and cash equivalents, including investments in liquid mutual funds, as on March 31, 2007 was Rs 6,073 crore (Rs 4,709 as on March 31, 2006). During the quarter ended March 31, 2007, Infosys incurred capital expenditure of Rs 644 crore (Rs 275 crore for quarter ending March 31, 2006).

Operating cash flows during the quarter ended March 31, 2007 were Rs 1,080 crore (Rs 359 crore for the quarter ended December 31, 2006). '' Mr T V Mohandas Pai, Heading HRD Education and Research of the company said the company had increased offshore salaries by around 12 per cent to 15 per cent for fiscal 2008. ''We are making substantial investments in creating a scalable training engine in Mysore to support our future growth. By December 2007, we will have the capacity to train 13,500 employees at a time'' he added.

UNI