Infosys Technologies, India's second-largest software firm, announced on Oct. 10 a 30.1% rise in consolidated second quarter profits, on the back of a depreciating rupee.
Profit jumped to 14.32 billion rupees (US$298 million) from 11 billion rupees in the quarter ended September 30. Revenues were up 32% to 54.18 billion rupees from 41.06 billion rupees. Infosys added 49 new clients during the quarter.
"We benefited from the depreciation of the rupee against the dollar during the quarter which was partially offset by the sharp appreciation of the dollar against all other major currencies," said V. Balakrishnan, chief financial officer of Infosys.
North America, amongst the hardest hit in the current financial turmoil, accounted for 61.5% of Infosys' total revenues, against 62.6% a year earlier.
The company said it had lowered its full-year consolidated revenue outlook by about 5%, to between 4.72 billion and 4.81 billion dollars.
"Decision making and ramping up projects continues to be an issue (for clients) due to the financial situation," Gopalakrishnan said. "In the last few weeks, we have seen changes in the market place ...." he said. "We want to be cautious and that is why we have revised our guidance."
Copyright Agence France-Presse, 2008