Nevertheless, Infosys clocked revenues of Rs 3,622.69 crore, up 39% and a net profit of Rs 957.93 crore, up by 19% over the previous year. Infosys’ gross block stood grew 33% to Rs 1,273.31 crore, securing it the first rank in gross block size and 16 in the growth in gross block. However, the ROCE of the company declined from 50% to 44% due to investments in assets that are yet to produce profits.

Infosys was the only company amongst its peers to report an impressive profit growth during fiscal 2003. While the company’s performance for the full year was impressive and above expectations, the performance in the fourth quarter was weak and the company’s disappointing guidance for the first quarter of fiscal 2004 acted as a dampener to the market sentiments on the stock. Infosys’ BPO subsidiary Progeon has received funding from Citicorp International Finance Corporation, USA, and performed well during 2002-03 clocking revenues of Rs 21 crore.