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Crisil reaffirms Infosys ratings

Our Bureau

MUMBAI, April 10

NOTWITHSTANDING Infosys Technologies lower-than-expected earnings and the slide on the stockmarkets, rating agency CRISIL has reaffirmed the ratings assigned to the company's long-term and commercial paper programmes, which stand rated at AAA and P1plus, respectively.

CRISIL said it expected the company to sustain its robust financial profile in the short to medium term.

The company's strong business fundamentals have enabled it to build up a robust financial profile, which is characterised by a debt-free balance sheet as at March 31, 2003, large cash surplus (Rs 1640 crore) and strong business inflows, as witnessed in the past, noted CRISIL, in its release.

The ratings reflect Infosys' status as one of the country's leading software services companies. The company's key business challenges, according to CRISIL, are maintaining profitability in an increasingly challenging business environment and improving geographical distribution of its revenues for insulation against downturns in specific markets.

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