Weaker rupee forces Infosys to revise fiscal guidance

October 10th, 2008 - 12:20 pm ICT by IANS  

Bangalore, Oct 10 (IANS) A depreciation of around nine percent of the Indian rupee during the second quarter (July-September) has forced Infosys Technologies Ltd to revise its revenue guidance for this fiscal (2008-09) upwards under the Indian accounting system and downwards under the new international financial reporting stadndards (IFRS).In a notification to the stock exchanges here Friday, the IT bellwether said consolidated income for the entire fiscal (FY 2009) would be in the range of Rs.213-217 billion, projecting 29-30 percent year-on-year (YoY) growth under the Indian accounting system as against Rs.213-216 billion (28 percent YoY) estimated in the previous quarter with the US dollar at Rs.43.04.

Under the IFRS, guidance for consolidated income has been lowered to $4.72-4.81 billion for FY 2009, with the US dollar at Rs.46.97 from $4.97-5.05 billion, as estimated at the beginning of the second quarter (July-September). The projected YoY growth is 13-15 percent under the revised guidance as against 19-21 percent estimated earlier.

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 29-34 percent YoY growth under the Indian accounting system.

Under IFRS, consolidated revenue for Q3 is projected to be $1.2 billion, a growth of 8-12 percent YoY.

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