Infosys management said due to Rupee rise impacted revenues to the extent of Rs 287 crore. Growth in North America has been at 7.5% while in Europe it has been at 8.5%. The Rupee appreciation impact was on EPS as well as on margins. We absorbed 7% cost increases and margins were impacted by only 3.5%. Visa cost was up 1% while wages were up 2.5%. Volume growth of 6.9% witnessed in Q1.

OPMs could be impacted by 100-200 bps in FY08. The company has factored in Rs 40.58 on the exchange rate. They are seeing 9.3% growth in non top-10 clients. 26000 employees will be added in FY08. The company has added 10 $ 1 million clients in Q1.

The offshore wages were up 12-15% and onsite was up 5-6%. Almost 73% of the company's revenues come in Dollar terms, 13% in Pound and 5% in Euro terms.

All round growth is seen in all geographies. We are seeing 3-4% improvement in billing in new contracts. We mitigated 4.5% from 7.3% hit on the margin. We have $ 4 billion target in FY08 for revenues. Pricing has been stable with an upward bias. Utilization increased by 1.5% for Q1, the compan says. There will be no price rise assumed in guidance. BPO business could be significantly impacted by Rupee rally. Consulting grew by 22% which forms 4.9% of revenue. Subprime exposure is less than 1%.

Infosys said that the company is comfortable with high of 70% and low of 80% utilisation. Meanwhile the Infosys management declined to comment on Capgemini acquisition. The company is actively looking at US, Europe for inorganic growth.

The company is hedging for short-term to cover 2 quarters. Company has hedged $ 925 million as of June end agianst $ 470 million QoQ. The Rupee is likely to move between 39-41/ $ in the short-term.

Margins from BPO business are down from 21-22% to 16-17%. Tax sops for BPOs should be continued for next 5 years. Price of renegotiated financial deals seen 1.5 % higher.