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"We don't give revised guidance in the middle of the quarter. The next guidance will be at the end of Q3 ... Whatever revision we had to do, we have already done that," Infosys Technologies CEO Kris Gopalkrishnan said on the sidelines of the World Economic Forum.
Analysts had saidthere is a risk to the company's guidance after the dollar further strengthened against the pound, euro and Australian dollar in the current economic crisis and also due to slowing IT spending by US companies.
Infosys had earlier scaled down its dollar guidance (revenue projection in dollars) by about three percentage points for the full year to 13.1-15.2 per cent, perhaps its lowest revenue growth since inception from 19 to 20 per cent.
The company is also likely to see some impact on its third-quarter results due to significant rupee depreciation vis a vis the dollar, but to what extent that will happen will be difficult to ascertain as other currencies have also depreciated against the greenback, which could offset the gains.
The rupee has depreciated at about 20 per cent over the last few months.
"The currency movements will have an impact... With each depreciation of the rupee the impact on margin is 50 basis point. Rupee depreciation is positive for us .. But it is offset by other currencies also depreciating," Gopalakrishnan said.
Gopalakrishnan said, "40 per cent of our revenue is from outside the US; so the earning is impacted whenthe revenue is converted into dollars." However, he declined to gave what kind of impact that would be as it is difficult to give any indication at this stage.
The company today said despite challenging times there is no pressure on the billing rates.
"There is no downward pressure on billing rate ... It is flat," Gopalkrishnan said.
The CEO said IT budgets may be lower in 2009 but at the same time offshoring may increase, which is "positive for us".
The company after backing out of its bid for UK-based SAP consulting firm Axon is eyeing acquisition in Japan and European markets.
"We are looking at acquisitions in Japan and Europe ... We have set up a team to hunt for target companies who would fill the gap in our offerings right now and would provide us a particular footprint in these geographies," he said.
The Nasdaq-listed company is on track to add 25,000 gross staff in the current fiscal till March 2009 despite the financial sector turmoil, he said.
India's export-driven software service firms, used to a scorching pace of growth, have been badly hit by a slowdown in the United States, which contributes more than 60 per cent of their revenue.
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