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Journalism of Courage
Infotech blue chip Infosys Technologies made a grand entry into the $ 1 billion (Rs 4,300 crore) league today. The company which went public in 1993, crossed a milestone with its revenues hitting $ 1.06 billion (Rs 4,761 crore) for the fiscal ended March 31st 2004.
The company cheered its investors by making a liberal bonus issue of 3:1 (three bonus shares for every share held). The bonus news sent the Infy stock zooming by 6.82 per cent. Other tech stocks also zoomed on heavy buying. The benchmark Sensex zoomed by 121 points to cross the 5,900 level to close at 5,904.52. Infosys MD Nandan Nilekani said: ‘‘We have grown from $ 121 million in 1999 to a consolidated revenue of $ 1.06 billion in 2004.’’
For the year ended March 31 2004, the company recorded a consolidated total revenue of Rs 4,852.95 crore, growing at 33.32 per cent over the previous year’s Rs 3,639.98 crore. Consolidated net profits stood at Rs 1,243.63 crore for the year, 30.25 per cent higher than the net profits of Rs 954.77 cre in 2002-03. The company also set a three-for-one stock split in the form of a bonus issue partly financed by its $630 mn-plus cash pile and said it would pay a special dividend of Rs 100 per existing share and a final dividend of Rs 15 per share. Revenues for the fourth quarter ending March 2004 stood at Rs 1,308.90 crore, up by 28 per cent over Rs 1,019.85 crore during the same period last year. Net profit stood at Rs 337.05 crore for the January to March 2004 period, up by 30 per cent over Rs 289.74 crore in fourth quarter last year. “I am pleased with our achievement. The new journey has just begun and I am sure Nandan and his team will make it a great success,” Chairman N.R. Narayana Murthy said. “We have maintained our margins, despite the drop in price realisation during the year and an appreciating rupee,” said CFO T.V.M. Pai .
