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Infosys sees modest growth in 2003-04

Fakir Chand in Bangalore | April 10, 2003 21:04 IST

Infosys Technologies Ltd, the Bangalore-based IT bellwether is at it again! As in the past, the global software services' major is contended to project a modest revenue growth of 25-27 per cent during the new fiscal year (2003-04) in spite of outperforming its own revised guidance in the just concluded fiscal year (2002-03).

As against a robust growth of Rs 3,625 crore (Rs 36.25 billion) at the end of fiscal 2002-03, the company's outlook for the fiscal 2003-04 projects a revenue of Rs 4,479 crore (Rs 44.79 billion), and a consolidated figure of Rs 4,565 crore (Rs 45.65 billion), including the revenue of its BPO subsidiary Progeon Ltd.

Only a year ago around this time, amid global slowdown, tech meltdown and glorious uncertainties, Infosys projected that it would be able to grow only by 15-17 per cent during 2002-03 over the previous fiscal year (2001-02), when it clocked a revenue of Rs 2,604 crore (Rs 26.04 billion).

The company was, however, forced to revise upwards its guidance for the year during the last two quarters, projecting a figure of Rs 3,578 crore (Rs 35.78 billion). The final figures exceeded that of the revised guidance by Rs 47 crore (Rs 470 million).

In dollar terms under US GAAP, the company touched the $750-million mark against $546 million posted in fiscal 2001-02, and crossed the projected figure of $635 million for the fiscal year 2002-03.

The outlook for the fiscal year 2003-04, at a conservative estimate is set to touch $945 million. Going by its present performance the listed company is seen to cross the $1-billion mark by the end of the current fiscal, out-performing its own set projections.

Though Infosys' CEO Nandan Nilekani declined to comment on whether the company was poised to touch the $1-billion mark, he admitted that the earnings per share may not grow by as much as the revenue.

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