Infosys cuts revenue guidance for FY 10

Infosys cuts revenue guidance for FY 10
PTI
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First Published: Fri, Jul 10 2009. 02 53 PM IST
Updated: Fri, Jul 10 2009. 02 53 PM IST
Mumbai: Software major Infosys Technologies today lowered its revenue guidance for FY 2009-10, with the consolidated earning expected to decline by up to 1.3% over the previous fiscal.
In its outlook for the fiscal year ending 21 March, 2010, the company said the consolidated revenue is expected to be in the range of Rs21,416-21,747 crore.
The firm’s revenue was Rs21,693 crore in 2008-09.
The guidance shows a decline of 1.3% at the lower end of the revenue range and a marginal growth rate of 0.3% at the higher end over the previous fiscal, the company statement said. The company has lowered its revenue guidance for FY10 from the annual forecast given at the end of the fourth quarter last fiscal.
In April, the company had forecast its revenue for FY10 to be in the range of Rs22,066-22,928 crore, a growth rate of 1.7-5.7% over the previous fiscal.
Marketmen said Infosys had lowered its revenue guidance for FY10 as it expects volatility in global currency markets and the challenging economic climate to impact its earnings.
“We believe in short term the global economic environment will continue to be challenging. We are working closely with our clients to help them navigate the downturn. We continue to invest in the future to take advantage of growth opportunities in medium to long term,” Infosys CEO and MD S Gopalakrishnan said in the statement.
Further, the revenue for the July-September quarter is expected to be Rs5,318-5,413 crore, showing a decline of 1.9% to 0.1% over the same period a year ago.
The earnings per share (EPS) is expected to be in the range of Rs94.59-96 in FY10, a drop of 9.6% to 8.2% over the same period last year.
In dollar terms, the company’s full year revenue is expected to be $1,110-1,130 million, showing a year-on year decline of 8.7% to 7.1%.
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First Published: Fri, Jul 10 2009. 02 53 PM IST