Infosys posts Rs 2,103 million net profit

Mumbai: Infosys Technologies Ltd has posted a net profit of Rs 2,103.20 million for the quarter ended 31 March 2002 as compared to Rs 1,816.70 million in the quarter ended 31 March 2001. It net sales have increased from Rs 5,618.70 million in the quarter ended 31 March 2001 to Rs 6,801.30 million in the quarter ended 31 March 2002.

The company has posted a net profit of Rs 8,079.60 million for the year ended 31 March 2002 as compared to Rs 6,288.10 million for FY-01. Net sales have increased from Rs 19,005.60 million in the year ended 31 March 2001 to Rs 26,035.90 million in the year ended 31 March 2002.

The Board has recommended a final dividend of Rs 12.50 for each share of par value of Rs 5 per share, which means a final dividend of 250 per cent. The board has approved an investment of up to $5 million in the companys business process management (BPM) initiative.

The board has recommended for the approval of the members in the annual general meeting, the increasing of the maximum limit of the foreign institutional investor holdings in the companys paid-up capital from 49 per cent to 100 per cent.

The net profit for the quarter ended 31 March 2002 as per Indian GAAP is Rs 2,103.20 million as compared to Rs 2,059.50 million as per US GAAP. The net profit for the year ended 31 March 2002 as per Indian GAAP is Rs 8,079.60 million as compared to Rs 7,858.20 million as per US GAAP.

The reasons for differences in net income as per Indian GAAP and US GAAP is because of amortisation of deferred stock compensation. The company has charged to revenue under US GAAP an amount of Rs 61.50 million and Rs 239.20 million for the quarter and year ended 31 March 2002, respectively, as deferred stock compensation.

Infosys Technologies expects income from software development services and products to be between Rs 6,840 million and Rs 6,940 million and the earning per share to be between Rs 31 and Rs 32 for the quarter ending 30 June 2002.

The company expects income from software development services and products to be between Rs 30,850 million and Rs 31,700 million and the earning per share to be between Rs 141 and Rs 145 for the fiscal year ending 31 March 2003.

Infosys Technologies has fixed the book closure from 24 May 2002 to 8 June 2002 (both days inclusive) as the book closure for the purposes of determining the shareholders entitled for the final dividend.