The software bellwether Infosys Technologies’s business took a hit in FY’09. In the fourth quarter, its revenues fell by 1.8% to $1.1bn while its net profit grew by 2.6% to $321mn. These are figures compiled under IFRS accounting norms. But the company’s figures are much better under Indian accounting norms, due to the rupee’s sharp depreciation against the dollar.
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Ouch! November’08 excise collections down 15%
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Indian companies are struggling with a decline in demand which is affecting production, a fact visible in the December’08 quarter. If October’08 saw a marginal decline in industrial production after more than a decade of continuous growth, November’08 threatens to be worse. Investors should brace themselves for nasty surprises when the quarterly results are announced.