Infosys Second Quarter Results
Financial Results for the Second Quarter ended September 30, 2008.
This should give a peek into the general trend of the IT industry and what is happening at the market with its current bearish trend.
Infosys BPO
During the year ended March 31, 2008 Infosys completed the purchase of 3,60,417 shares of Infosys BPO shares from its employee shareholders consequent to the forward share purchase agreement entered with them in February 2007. Further, Infosys BPO acquired 100% of the equity shares of P-Financial Services Holding B.V for a consideration of Rs. 107 crore by entering into a Sale and Purchase Agreement with Koninklijke Philips Electronics NV (Philips). The transaction was accounted as a business combination and resulted in a goodwill of Rs. 83 crore. As of September 30, 2008, Infosys holds 99.98% of the equity in Infosys BPO.
Infosys Consulting
During the half-year ended September 30, 2008 and year ended March 31, 2008, an additional investment of US$ 5 million (Rs. 22 crore) and US$ 20 million (Rs. 81 crore), respectively, was made in Infosys Consulting Inc, which is a wholly owned subsidiary. As of September 30, 2008, the company has invested an aggregate of US$ 45 million (Rs. 193 crore) in the subsidiary.
Infosys Mexico
During the year ended March 31, 2008, the company incorporated Infosys Technologies S. DE R.L. de C.V., a wholly owned subsidiary in Mexico. As of September 30, 2008, the company has invested an aggregate of Mexican Peso 60 million (Rs. 22 crore) in the subsidiary.
Infosys China
During the half-year ended September 30, 2008 and year ended March 31, 2008, the company disbursed an amount of US$ 2 million (Rs. 9 crore) and US$ 3 million (Rs. 10 crore) as loan to its wholly owned subsidiary, Infosys Technologies (China) Co. Limited. The loan is repayable within five years from the date of disbursement at the discretion of the subsidiary. As of September 30, 2008, the company has invested US$ 10 million (Rs. 46 crore) as equity capital and US$ 10 million (Rs. 48 crore) as loan in the subsidiary.
