Infosys first quarter net down 2.4 per cent at Rs1,488 crore

Infosys Technologies today reported a 2.4 per cent year-on-year decline in its fiscal first quarter (April-June 2010) net profit, at Rs1,488 crore ($326 million). Net profit was down 7 per cent from the previous quarter (January-March 2010), weighed down by the new economic woes in Europe.

Consolidated results for the April-June 2010 quarter, however, showed a 13 per cent year-on-year growth in Q1 revenues, at Rs6,198 crore ($1,358 million) for the quarter ended 30 June 2010. Income grew 4.3 per cent sequentially.

Earnings per share of the company declined marginally to Rs26.06 from Rs26.76 in the corresponding quarter of the previous year, representing a decline of 2.6 per cent year-on-year and 7 per cent quarter-over-quarter.

Excluding the income from investment in OnMobile Systems Inc of Rs48 crore in Q4 FY10, the QoQ decline was 4.1 per cent towards net profit and earnings per share.

During the quarter, Infosys and its subsidiaries added 38 clients. The group also reported gross addition of 8,859 employees (net addition of 1,026) for the quarter. Total number of employees stood at 1,14,822 as of 30 June 2010.

"While the global economic environment remains uncertain, we continue to see greater demand for services from our clients," said S Gopalakrishnan, CEO and managing director.