July 12: IT leader Infosys Technologies reported a 34.5 percent growth in net profit which is Rs 1079 crores for the first quarter ended on June 30, 07. Revision indicated the appreciation of rupee. While on the other hand, Bajaj Auto reports 15 percent drop in net profit for the first quarter.
This profit also includes tax reversals which amount to 51 crore. Earnings per share also reflected growth from 14.36 to 18.89 this year.
The company with the distinction of listing in NASDAQ revised dollar guidance upwards and the rupee guidance downwards indicating the appreciation of rupee.
Chief financial officer of Infosys, V Balakrishnan said that sharp increase in the value of rupee influenced their operating margins during the first quarter. For such robust growth he gives credit to its flexible financial model which tolerated the impact of a rising currency, higher wages and increasing visa costs.
Growth in revenues has been up to 25.1 per cent to rupees 3,773.
Revealing the new plans T V Mohan Das Pai, director, human resources said that company is contemplating to take almost 26,000 fresher employees in company and preference would be given to freshers. Most of the recruitments will be done from abroad such as Manila, Czech Republic, China and Mexico etc to combat rising salaries. He indicated towards the diversification of the human resource base of the company.
As the company is facing attrition rates, which is 13.7 due to the bustle that there would be cut in salary hike though director denied any such idea.
He also expressed unhappiness saying that government is not investing in human resources. He also reflected a vision of a national skill development program for larger number of supply of skilled personnel.
Changes as a consequence of rupee appreciation are not limited to Infosys but reach to other IT companies as well. Even Tata Consultancy Services (TCS) announced salary hikes cut.
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