>Infosys Technologies (ELARA CAPITAL)

Key Highlights

Infosys today declared full year FY09 and Q4Fy09 results with consolidated income of Rs 21,693 crores (up 30.0% YoY0 and Rs 5,635 crores (down 2.65 QoQ and up 24.1% YoY) respectively. EBITDA of Rs 7,195 crores (up 37.4% YoY) and Rs 1,891 crores (down 6.9% QoQ and up 27.9% YoY) respectively, and PAT of Rs 5,988 crores (up 28.5% YoY0) and Rs 1,613 crores (down 1.7% QoQ and up 29.1% YoY) respectively.

* Negative Growth in Q4 FY09 Revenue was led by volume decline of 0.94% QoQ (decrease of 0.77% in offshore volumes and decrease o1.4% in onsite volumes), currency depreciation (INR/USD) of 4.1% QoQ qand pricing in constant currency terms declined 2.1% QoQ (decline of 3% in offshore and decline of 1% in onsite). The companies expects the pricing decline in the range of 6% - 6.5% in FY10.

* Operating Profit Margins for the full year FY09 improved 180 bps. The margins for Q4 FY09 increased 110 bps YoY but declined by 150 bps QoQ. The improvement was led by reduction in selling & marketing expenses and general & administrative expenses as a percentage of sales to 5.09% and 7.51% in FY09 against 5.49% and 7.97% in FY08.

* PAT margins for the full year FY09 were stable with an improvement of 20 bps. The margins for Q4 FY09 improved 70 bps with higher non-operating income of Rs 252 crores. The management expects a likely fall of 200 bps in the PAT margins. The Eps increases to Rs 104.6 for full year FY09 from Rs 8.15 in FY08, YoY growth of 28.4%.

To see full report: INFOSYS