Infosys revises rupee guidance marginally for fiscal

Calcutta News.Net
Tuesday 13th January, 2009 (IANS)

Further depreciation of the Indian rupee during the third quarter (October-December) has forced Infosys Technologies Ltd. to marginally revise upwards its revenue guidance for this fiscal (2008-09) under the Indian accounting system and downwards under the new international financial reporting standards (IFRS).

In a notification to the stock exchanges here Tuesday, the IT bellwether said consolidated income for the entire fiscal (FY 2009) would be in the range of Rs.216-218 billion, projecting 29-30 percent year-on-year (YoY) growth under the Indian accounting system as against Rs.213-217 billion (29 percent YoY) estimated in the previous quarter when the US dollar was at Rs.46.97.

With the US dollar at Rs.48.71, guidance for consolidated income under the IFRS has been lowered to $4.67-4.71 billion from $4.72-4.81 billion, as estimated at the beginning of the third quarter (October-December). The projected YoY growth is 11.8-12.8 percent under the revised guidance as against 13-15 percent estimated previously.

Similarly, for the third quarter (October-December) of FY 2009, consolidated income is expected to be in the range of Rs.55-57 billion, projecting 21-26 percent YoY growth under the Indian accounting system.

Under IFRS, consolidated revenue for Q3 is projected to be $1.13 billion, a decline of 1.2 percent to growth of 2.5 percent.

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