The country's second largest software services exporter Infosys Technologies today said its cash and cash-equivalent stood at Rs 12,030 crore at the end of the first quarter ended June 30, 2009, an increase of 62.33 per cent over the corresponding period a year ago.
"Cash and cash-equivalents, including investments in liquid mutual funds and certificate of deposits, as on June 30, 2009 (were) Rs 12,030 crore, against Rs 7,411 crore as on June 30, 2008," a company statement said.
Commenting on the liquidity and capital expenditure plans of the company, Infosys Chief Financial Officer V Balakrishnan said: "The global currency markets continue to be volatile. During the quarter, the rupee appreciated against the US dollar."
"We continue to focus on margins while making the right investments to accelerate growth," Balakrishnan added.
Besides, the software firm is comfortably placed in terms of current assets for the June quarter at Rs 13,271 crore, up 4 per cent form the previous quarter.
At the end of the fourth quarter of the last fiscal, the company's consolidated current assets were at Rs 12,774 crore. Current assets are used to fund day-to-day operations and pay ongoing expenses. It represents the sum of cash and cash- equivalents, inventory and other assets that could be converted to cash in a short span of time.
Infosys today reported a 17.28 per cent increase in its first quarter net profit, but forecast a decline in its revenue during the current fiscal as many of its clients have been hit by the global financial crisis.
"We believe that in the short term the global economic environment will continue to be challenging. We are working closely with our clients to help them navigate the downturn," Infosys CEO and MD S Gopalakrishnan said.
The IT exporter's net profit after tax stood at Rs 1,527 crore in the quarter ended June 30, 2009. The revenue rose 13 per cent to Rs 5,472 crore on year-on-year basis.
