Infosys profit surges 124 pc to Rs 135 crore

Bucking the industry trend, Infosys Technologies’ total income during the three months period ended March 31, 1999, has increased by 93.79 per cent to report Rs 153.70 crore (Rs 79.31 crore). The company reported a net profit of Rs 43.10 crore (Rs 19.09 crore), a growth of 125.77 per cent during the period.

Its income from software exports stood at Rs 500.25 crore during the last fiscal against Rs 250.94 crore achieved for 1997-98. In addition to this, Infosys has also posted an income of Rs 8.64 crore (Rs 6.72 crore) from its domestic operations. Totalexpenditure during the period stood at Rs 307.27 crore (Rs 171.75 crore).

The audited results have been taken on record by the board of directors at its meeting held here on April 9. A final dividend of Rs 5 per share (50 per cent on an equity share of par value Rs 10) pro rata has been recommended by the company, according to a release.

For the current quarter, fluctuations in the exchange rates have led to an increase in total income of Rs 9.36 crore and profit before tax of Rs 4.40 crore. For the fiscal year, such exchange rate fluctuations led to a rise in total income of Rs 31.73 crore and before tax of Rs 13.72 crore.

During the year the company sold a part of its holding of convertible preferred stock in its subsidiary Yantra Corporation of the US, resulting in an extraordinary income of Rs 2.35 crore. Infosys has also made a provision for its investment in Yantra Corporation of Rs 7.06 crore.

Infosys has instituted a contingency plan to meet any possible disruption in customer support due tothe Y2K impact on the technology and communication infrastructure provided to the company by its vendors. Infosys has made a provision of Rs 3.33 crore and Rs 6.66 crore respectively for the quarter and fiscal year ended March 31, 1999.

During the quarter, the paid-up capital of Infosys increased by 17.06 crore due to the issue of bonus shares in the ratio of 1:1, amounting to Rs 16.02 crore and Rs 1.04 crore issued under the American Depository Shares programme.

Leyland reports drop in sales

NEW DELHI: Ashok Leyland, flagship of the Hinduja group, today announced a 6.63 per cent drop in its sales during 1998-99 at 29,458 vehicles as compared to 31,547 vehicles sold last year. In the medium duty vehicle segment, the company reported sale of 26,817 vehicles during the fiscal ended March 31, 1999, a decline of 5.4 per cent from last year’s figure of 28,355 vehicles, Ashok Leyland said in a statement here.

The exports from the company, however, grew marginally during 1998-99 to 2,168 vehicles fromthe previous year’s figure of 2,148, it said.