Infosys'' profit grows 131 per cent
09 Oct 1999
1
Indian software firm Infosys Technologies Ltd has announced a 131 per cent jump in its net profit for the second quarter of 1999/2000.
Infosys' net profit in the three months ended 30 September 1999 grew to Rs 65.71 crore ($15.10 million) from Rs 28.4
crore in the same period last year while its total income grew 82 per cent to Rs 218 crore from Rs 120 crore.
Its income from overseas operations soared to Rs 205 crore from Rs 118 crore in the same quarter last year. Net income as per US accounting standards was $14.72 million compared to $6.16 million in the second quarter of last year while revenues were $47.94 million compared to $28.24 million. The company earned 22 cents per American depositary receipt on a fully diluted basis, compared to 10 cents in the year-ago period.
Infosys has provided Rs 3.5 crore in the second quarter of the year towards restructuring its business for e-commerce. The company has said that its shift towards e-commerce-related work is rapid and the company is committed to creating a knowledge infrastructure, acquiring people with technical skills in the e-commerce area, and re-invention, which may require the company to incur business restructuring costs.
The company has also decided to set up its first software development centre outside India in Canada.
Infosys' net profit in the three months ended 30 September 1999 grew to Rs 65.71 crore ($15.10 million) from Rs 28.4
crore in the same period last year while its total income grew 82 per cent to Rs 218 crore from Rs 120 crore.
Its income from overseas operations soared to Rs 205 crore from Rs 118 crore in the same quarter last year. Net income as per US accounting standards was $14.72 million compared to $6.16 million in the second quarter of last year while revenues were $47.94 million compared to $28.24 million. The company earned 22 cents per American depositary receipt on a fully diluted basis, compared to 10 cents in the year-ago period.
Infosys has provided Rs 3.5 crore in the second quarter of the year towards restructuring its business for e-commerce. The company has said that its shift towards e-commerce-related work is rapid and the company is committed to creating a knowledge infrastructure, acquiring people with technical skills in the e-commerce area, and re-invention, which may require the company to incur business restructuring costs.
The company has also decided to set up its first software development centre outside India in Canada.
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