Infosys Technologies Ltd suffered a loss of Rs.10 billion ($250 million) in net profit and Rs.20 billion in gross revenue for the last fiscal (2007-08) due to steep appreciation in rupee against US dollar, a top company official said here Tuesday.
The global software major declared a special dividend of Rs.20 per share (400 percent on par value of Rs.5 per share) for the fiscal under review to celebrate achieving $1 billion net income milestone and in line with its desire to balance the cash required in the business with that of enhancing returns to its shareholders. The company hedged $1.14 billion in the forex market during the last fiscal to minimise the impact of volatility. For the first two quarters (April-September) of this fiscal, it has taken a forward cover to the tune of $760 million, with 20 percent of it in options,' said Balakrishnan.
For the first quarter (April-June) of this fiscal (FY 2009), operating margin is likely to be impacted by three percent due to 2.3 percent increase in wage and in visa costs by 80 basis points. Cash and cash equivalents, including investments in liquid mutual funds shot up to Rs.83.1 billion by the end of fiscal from Rs.60.1 billion at the end of previous fiscal.
