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Infosys 2QFY2000 net rockets 131%

Oct 8, 1999

Infosys has clocked 131% net profit growth (YoY) in 2QFY2000. This was reported by figures released by the company. The 131% growth in net profit is against a backdrop of 157% net profit rise in 1QFY2000. Net profit growth in 2QFY2000 rose only 8% compared to 1QFY2000. The lower net profit growth is attributed to a decline in operating margins.

(Rs m) 2QFY2000 2QFY1999 Change
Sales 2,083 1,200 74%
Other Income 96 4 2,077%
Turnover 2,179 1,204 81%
Expenditure 1,320 784 68%
Interest - -  
Depreciation 107 74 45%
PBT 752 347 117%
Tax 95 63 52%
Net Profit 657 284 131%

However, higher onsite consultancy revenues (58% of total revenues) has resulted in higher revenues growth. The company believes that onsite consultancy revenues will increase as the company moves up the value chain.

Another reason why net profit did not rise as dramatically as in the last quarter is due to lower extra-ordinary income through exchange rate variations. In the last quarter income through this source amounted to Rs 80 m.

Y2K revenues constituted 9.4% of 2QFY2000 revenues (12% in 1QFY2000). Internet-related revenues accounted for 10.5% of revenues in 2QFY2000. Most of its new clients in this period were Internet-related.

Infosys is setting up offsite development centres to address domestic clients for consultancy and design. This will enable the company to move up the value chain.

Market view:
Analysts forecast higher net profit growth for Infosys in the last two quarters of FY2000. The main reason for this is the higher volume of high-value projects that the company will be undertaking in future. Analysts have retained a 'BUY' rating on the company.

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