Infosys Q2 revenues top $1 billion, despite the rupee

Mumbai: Software major Infosys reported over $1 billion in second quarter fiscal 2008 revenues - an year-on-year growth of 18.4 per cent.

The Nasdaq-listed company recorded Rs4,106 income for the second quarter (Q2) and earned a net profit of Rs1,100 crore after tax during the period, against Rs929 crore for the same quarter last year.

"We have achieved another milestone by crossing $1 billion revenues in this quarter," S Gopalakrishanan, CEO and MD of Infosys said.

"In an increasingly flat world, our unique business model combined with our value proposition continued to help our clients grow profitably," he said.

Meanwhile, Infosys said a firmer rupee hit its operating margins in the September quarter by 50 basis points.

The rupee, which rose more than 2 per cent against the dollar in the quarter and has risen more than 12.5 per cent this year, is a worry for export-focused software services firms such as Infosys that get more than half of their revenue from the US.

Margins in the September quarter improved by 2.8 percentage points despite the rupee, and the company did not see any signs of nervousness or lower technology spending, its chief financial officer said.

Infosys and its subsidiaries added 48 new clients during this quarter.