Mumbai: IT bellwether and India's No. 2 software services exporter Infosys Technologies on Tuesday reported 2.42 per cent decline in consolidated net profit to Rs 1,488 crore for the first quarter ended June 30, 2010.
The company had a net profit of Rs 1,525 crore in the June quarter of the previous fiscal (2009-10), Infosys said in a filing to the Bombay Stock Exchange.
However, the consolidated revenue of the country's second largest software exporter rose to Rs 6,198 crore against Rs 5,472 crore over the year-ago period.
The European debt crisis and salary increases took shine off improving US demand.
Infosys, larger rival Tata Consultancy Services and third-ranked Wipro have all stepped up hiring and raised salaries as demand for outsourcing grows in an improving global economy.
But a debt crisis in Europe, the second-largest market for Indian outsourcers after the United States, has clouded the demand outlook from the continent, while a weaker euro crimps margins for the export-driven companies.
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