Crossing $1 billion in revenues, software major Infosys Technologies on Tuesday reported a net profit of Rs 1243.83 crore (Rs 12.44 billion) during the fiscal 2003-2004, a jump from Rs 954.77 crore (Rs 9.55 billion) in the previous fiscal.

Announcing the results, the company said its revenues in 2003-04 were Rs 4760.89 crore (Rs 47.61 billion) compared to Rs 3622.69 crore (Rs 36.27 billion), a rise of 31 per cent over 2002-03.

"During the year, our revenues crossed the landmark figure of $1 billion. We have grown from $121 million in 1999 to a consolidated revenue of $1.06 billion in 2004," Infosys president and managing director Nandan Nilekani said.

The board of directors recommended a final dividend of Rs 15 per share and a one-time special dividend of Rs 100 per share.

Infosys announced three bonus shares for one (three additional equity shares for every one existing share held by the members on a date fixed by the board, by capitalising a part of the reserves).

Revenues for the fourth quarter ended March 2004 stood at Rs 1,308.90 crore (Rs 13.09 billion), up 28 per cent over Rs 1,019.85 crore (Rs 10.20 billion) during the corresponding period last year.

Net profit stood at Rs 337.05 crore (Rs 3.37 billion) for the January to March 2004 period, up 30 per cent over Rs 289.74 crore (Rs 2.90 billion) in the fourth quarter of the previous year.

The firm added 38 new clients during the fourth quarter with net addition of 2,425 employees.

Infosys hired a total of 9,758 people during 2003-04 to reach a total of 25,634 employees.

"I am very pleased with our achievement of this historic milestone. The new journey has just begun and I am sure Nandan and his team will make it a great success," Infosys chief mentor and chairman N R Narayana Murthy said.

Infosys projected a revenue between Rs 5,994 crore (Rs 59.94 billion) and Rs 6,041 crore (Rs 60.41 billion) during 2004-05, aiming at a 24 per cent growth over last fiscal.

The earning per share is expected to be Rs 224, up by 24 per cent.

"We have successfully maintained our margins despite the drop in price realisation during the year and an appreciating rupee," Infosys CFO T V Mohandas Pai said.