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Strategies & Market Trends : India Coffee House -- Ignore unavailable to you. Want to Upgrade?

To: Mohan Marette who wrote (4030)	4/9/1999 1:51:00 AM
From: Mohan Marette	Read Replies (1) \| Respond to of 12475

Infosys 1998/99 net soars, stock falls. Friday April 9, 1:30 am Eastern Time BOMBAY, April 9 (Reuters) - Year to March 31, 1999 (in million rupees unless stated) Net profit after extrordinary income 1,352.7 vs 603.7 Income from software exports 5,002.5 vs 2,509.4 Domestic sales 86.4 vs 67.2 Other income 38.5 vs 27.1 Total income 5,127.4 vs 2,603.7 Final div (in rupees) 5.0 vs 4.5 Note - Infosys Technologies Ltd is a leading Indian software firm based in the southern city of Bangalore. In March, it became the first Indian company to list its American Depository Shares (ADS) on Nasdaq in the United States. Consensus estimate of a Reuters poll last month had forecast a net profit of 1.33 billion rupees and net sales of 5.08 billion. The company said it sold a part of its holding of convertible preferred stock in Yantra Corp, a subsidiary, resulting in an extraordinary income of 23.5 million rupees. It also made an investment provision of 70.6 million rupees in the subsidiary because Yantra's losses exceeded Infosys's contribution to its capital. The company had paid an interim dividend of 2.5 rupees per share against 1.5 rupees in the previous year. Its paid-up capital rose to 330.7 million rupees from 160.2 million a year earlier following a one-for-one bonus issue and an issue of ADS worth 10.4 million rupees. =========== Friday April 9, 12:56 am Eastern Time Infosys down 1.23 pct after results BOMBAY, April 9 (Reuters) - Shares of India's Infosys Technologies Ltd fell 34.75 rupees or 1.23 percent to 2,780 in early trade at the Bombay Stock Exchange after the firm announced its 1998/99 (April-March) results. It posted a net profit, after extraordinary income of 1.35 billion rupees against 1997/98's net profit 603.7 million rupees. A Reuters poll of 25 leading securities houses in March forecast the firm's average net profit at 1.33 billion rupees and net sales at 5.08 billion. Analysts said the results were in line with expectations. ''The results are very good. It is very much in line with my expectations,'' said Nirjhar Gupta, analyst at SG Asia Securities (India) Pvt Ltd.