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Last Updated: Tuesday, 13 April, 2004, 09:59 GMT 10:59 UK
Sales top $1bn at India's Infosys
Infosys HQ
Increased US sales are thought to have led to the rise
Indian software exporter Infosys has seen profits and sales both soar in the past year.

Net profits for the firm rose rose to 12.4bn rupees ($280m; 155m) from 9.6bn rupees in 2003, as revenue surged 30% to 47.6bn rupees.

It is the first Indian software company listed on the US Nasdaq stock exchange to top the $1bn mark.

The firm gave no reason for the rise, but analysts said it was due to increased sales in the US.

"We have grown from $121m in 1999 to a consolidated revenue of $1.06bn in 2004," Infosys head Nandan Nilekani told reporters.

Dividends

The Bangalore-based company was established two decades ago with $250 by a team of seven entrepreneurs in the western city of Pune.

It now has now a workforce of 25,000 with offices across the world.

The company has said it will pay a cash dividend of about $1 for each American Depository Share (ADS) - a US-traded security which allows the firm to sell itself on Wall Street even though it remains an India-based firm.

It will also issue one new ADS for each ADS held to mark the revenue figure.

Indian shareholders will also receive dividends.

Infosys said it was predicting its sales would rise by some 25% more in the current financial year, ending in March 2005.

In the Indian software industry, Infosys is second only to Tata Consultancy Services, which has also crossed the $1bn mark.

Tata, however, has yet to list in the US.

Wipro, which is listed on the New York Stock Exchange, is anticipated to announced later in April that it has reached $1bn in sales.


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SEE ALSO:
India IT firm establishes US arm
08 Apr 04  |  Business
IBM buys into Indian outsourcing
07 Apr 04  |  Business
Infosys makes first overseas buy
18 Dec 03  |  Business
India's Infosys keeps on growing
10 Oct 03  |  Business
Outsourcing lifts Infosys profits
10 Jul 03  |  Business


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