Infy Q1 net rises 33%, co cuts FY13 revenue forecast

Skips Q2 Guidance As Volatility Takes Toll   Bangalore: Infosys Technologies on Thursday sharply revised downward its revenue forecast for the year, indicating that the global environment for the IT industry was becoming extremely challenging. The guidance pushed the $7-billion company's share price on the BSE down by over 8%, and the BSE IT index down by over 5%.      Infosys, which had said at the beginning of the financial year that it expects to grow its dollar revenue by 8-10%, has now lowered that guidance to 5%. The company's MD S D Shibulal attributed the reduction to primarily a decline in pricing. Shibulal said the global environment had become a big  challenge, that consumer confidence not just in Europe but even in the US had fallen, and that big deals were being cancelled. He said the environment had become so volatile that the company had decided not to issue guidance for the second quarter. In the quarter ended June, Infosys's net profit fell by 1.2% to Rs 2,289 crore, compared to the preceding quarter, and rose by 32.9% compared to the corresponding quarter a year ago. The revenue grew by 8.6% to Rs 9,616 crore compared to the preceding quarter, and by 28.5% compared to the yearago period. These numbers look good thanks to the 9.7% depreciation in the rupee. Without that benefit, in dollar terms, net profit was down 10.2% and revenue 1.1% from preceding quarter.  TCS Q1 profit soars 38% on weak rupee  Mumbai:A strong performance across sectors and a favourable rupee exchange rate helped the country's largest software exporter TCS post a near 38% jump in consolidated net profit at Rs 3,317.68 crore for the April- June period of this financial year. Revenue also surged by 37.71% to Rs 14,868.71 crore in the quarter under review, from Rs 10,797.02 crore in the year-ago period. "We have seen strong, secular growth across all our service lines and industry segments," TCS CEO and MD N Chandrasekaran said. "We have also absorbed the impact of wage hikes and maintained our profitability." AGENCIES