Mumbai: The country’s second largest software services exporter Infosys Technologies on Friday said that its cash and cash-equivalent stood at Rs12,030 crore at the end of the first quarter ended 30 June, 2009, an increase of 62.33% over the corresponding period a year ago.
“Cash and cash-equivalents, including investments in liquid mutual funds and certificate of deposits, as on 30 June, 2009 (were) Rs12,030 crore, against Rs7,411 crore as on 30 June, 2008,” a company statement said.
Commenting on the liquidity and capital expenditure plans of the company, Infosys chief financial officer V Balakrishnan said: “The global currency markets continue to be volatile. During the quarter, the rupee appreciated against the US dollar.”
“We continue to focus on margins while making the right investments to accelerate growth,” Balakrishnan added.
Besides, the software firm is comfortably placed in terms of current assets for the June quarter at Rs13,271 crore, up 4% form the previous quarter.
At the end of the fourth quarter of the last fiscal, the company’s consolidated current assets were at Rs 2,774 crore.
Current assets are used to fund day-to-day operations and pay ongoing expenses. It represents the sum of cash and cash- equivalents, inventory and other assets that could be converted to cash in a short span of time.
Infosys on Friday reported a 17.28% increase in its first quarter net profit, but forecast a decline in its revenue during the current fiscal as many of its clients have been hit by the global financial crisis.
“We believe that in the short term the global economic environment will continue to be challenging. We are working closely with our clients to help them navigate the downturn,” Infosys CEO and MD S Gopalakrishnan said.
The IT exporter’s net profit after tax stood at Rs1,527 crore in the quarter ended 30 June, 2009. The revenue rose 13% to Rs5,472 crore on year-on-year basis.