MUMBAI, JULY 9: Software blue chip Infosys Technologies Ltd (ITL) has set a scorching pace for other corporates by doubling its total income in the first quarter (Q1) of 1999-2000 and boosting the bottom line (net profit) by over 150 per cent to Rs 60.61 crore.Income from overseas software development services and products contributed Rs 168.62 crore (Rs 96.38 crore in Q1 1998) of the Rs 184.06 crore total income (Rs 98.43 crore) with exchange rate fluctuations chipping in with Rs 3.62 crore (Rs 5.11 crore) towards income from its business. At home, the company did business worth Rs 1.65 crore.Of the other income of Rs 13.79 crore, exchange rate variations contributed Rs 8.13 crore. Interest on deployment of funds mopped up through the issue of American Depository Shares (ADS) added Rs 3.52 crore to Infosys' other income. On the US Nasdaq, where it is listed, the Infosys scrip is called Infy.Profit before interest, depreciation and tax (PBDIT) also shot up by around 150 per cent to Rs 77.93 crore (31.61 crore). Providing for depreciation with Rs 9.32 crore (Rs 4.94 crore) and Rs 8 crore (Rs 3 crore) for tax adds up to a neat Rs 60.61 crore (Rs 23.67 crore) in net profit for the current quarter.Even excluding the exchange differences and the interest earned on the ADS kitty, the net profit works out to Rs 48.96 crore - a cool 106.84 per cent increase over the last quarter. Infosys boosted its paid-up capital to Rs 33.07 crore up from Rs 16.02 crore through a 1:1 bonus and the ADS issue. Both allotments were made in March '99.As per its unaudited quarterly results prepared according to the US generally accepted accounting principles (GAAP), the earnings per ADS works out to $0.16 for the quarter. A provision of Rs 3.33 crore has been made for its Y2K contingency plan in the first quarter to meet any possible disruption in customer support. No fresh investment has been earmarked for its loss-making subsidiary Yantra Corp.
