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|June 13, 1998||
Total income has jumped to Rs 984.3 million from Rs 458.1 million for the corresponding quarter in the previous year of 1997-98.
This has been largely attributed to the rupee devaluation in the quarter under review.
Due to exchange rate fluctuation in terms of dollar appreciation, the company's total income and profit before tax increased by an estimated amount of the Rs 51.1 million and Rs 20.1 million respectively.
However, due to sluggish demand in the domestic market, leading to lower offtake of its flagship product, mainly by the Indian banking industry, income from local sales slumped to Rs 11.5 million from Rs 15.5 million during the last corresponding quarter.
Infosys Chairman and Managing Director N R Narayanamurthy has said the growth in revenues continues to be driven by the worldwide demand for Indian software services.
ITL's US subsidiary, Yantra Corporation, has also shown higher growth rates with net revenues for the first quarter jumping to $24 million from $13 million in the corresponding quarter of the previous year.
Similarly, net income more than doubled to $4.8 million from $1.78 million.
The board has made a provision towards investment in Yantra Corporation. On a paid-up capital of Rs 160.2 million (Rs 72.7 million), the company's Rs 10 per share scrip is quoting this week around Rs 2,510 on the bourses.
- Compiled from the Indian media
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