Infosys' second quarter revenues have risen by 19 per cent - in constant currency 19.5 per cent - on the same period last year, to $1,216 million.

Earnings per American Depositary Share (ADS) increased to $0.56 for the quarter ended 30 September from $0.48 in the same quarter last year, showing a year on year growth of 16.7 per cent.

"We benefited from the depreciation of the rupee against the US dollar during the quarter, which was partially offset by the sharp appreciation of the US dollar against all other major currencies," said V Balakrishnan, chief financial officer. "Our liquidity position continues to be strong, with cash and cash equivalents reaching $1.9 billion."

For the next quarter, to end 31 December 2008, consolidated revenues are expected to be in the range of $1,175 - $1,220 million, with a year on year growth of between 8.4 and 12.6 per cent; in constant currency 11.9–16.2 per cent.

"We have revised our US dollar revenue guidance to reflect the current economic situation and the drastic depreciation of major global currencies against the US dollar," said S Gopalakrishnan, CEO and managing director. "The challenging environment provides interesting opportunities for transformational service providers like us."

The company and its subsidiaries gained 40 new clients during the quarter, and took on an additional six thousand staff. X

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