Infosys Technologies Reports Results for the Quarter and Year Ended March 31

Infosys Technologies has announced consolidated results for the quarter ended March 31.

In a release, the company noted:

-Revenues were $ 1,121 million for the quarter ended March 31; YoY decline was 1.8 percent

-Net income after tax was $ 321 million for the quarter ended March 31; YoY growth was 2.6 percent

-Earnings per American Depositary Share (ADS) increased to $ 0.56 from $ 0.55; YoY growth of 1.8 percent

-Consolidated results for the year ended March 31

-Revenues were $ 4,663 million for the year ended March 31; YoY growth was 11.7 percent

-Net income after tax before exceptional item was $ 1,281 million for the year ended March 31,; YoY growth was 10.1 percent

-Earnings per American Depositary Share (ADS) increased to $ 2.25 from $ 2.04; YoY growth of 10.3 percent

Others

-37 clients were added during the quarter by Infosys and its subsidiaries

-Gross addition of 4,935 employees (net 1,772) for the quarter and 28,231 employees (net 13,663) for the year by Infosys and its subsidiaries

-104,850 employees as on March 31, for Infosys and its subsidiaries

The Board of Directors recommended a final dividend of Rs. 13.50 per ADS (equivalent to $ 0.27 per ADS at the prevailing exchange rate of Rs. 50.72 per US$) for fiscal 2009. The dividends are payable on the ADSs outstanding as on record date, at the prevailing exchange rate on the payment date and are subject to approval by the shareholders.

The tax provision pertaining to earlier period for the quarter ended March 31, and fiscal 2009 includes a tax reversal of $ 3 million and $ 23 million. Excluding this, the earnings per share for the quarter and year ended March 31, would have been $ 0.55 and $ 2.21 ($ 0.54 and $ 1.99 for the quarter and year ended March 31, 2008, respectively) resulting in a YOY growth of 1.9 percent and 11.1 percent, respectively.

"Many of our clients are impacted by the financial crisis and are looking to us to help them reduce their expenses and optimize their businesses," said S. Gopalakrishnan, CEO and Managing Director. "Our services, solutions and business model are well suited to help them in this environment. We are focusing on enhancing our business and investing smartly for the future."

"We improved our operating margins during fiscal 2009 despite a very difficult global economic environment combined with highly volatile currency markets," said V. Balakrishnan, Chief Financial Officer. "We have a strong balance sheet with cash and cash equivalents of over US$ 2 billion."

Infosys defines, designs and delivers IT-enabled business solutions.

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