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While, Infosys kept its dollar revenue guidance unchanged at 6%-10% for this fiscal, it revised its rupee revenue guidance upwards to 13%-17% from 6%-10% for the same period
IT major Infosys on Friday reported a 3.7% increase in consolidated net profit to Rs2,374 crore for the first quarter ended 30 June 2013.
The Bangalore-based firm had reported a net profit of Rs2,289 crore in the year-ago period, it said in a filing with the exchanges.
Consolidated revenue for the reporting quarter was up 17.2% to Rs11,267 crore from Rs9,616 crore in the year-ago period.
While, Infosys kept its US dollar revenue guidance unchanged at 6%-10% for this fiscal, it revised its rupee revenue guidance upwards to 13%-17% from 6%-10% for the same period.
“Despite facing an uncertain macro environment, changing regulatory regime and a volatile currency environment, we have done well in Q1 and are cautiously optimistic about rest of the year,” Infosys CEO and managing director SD Shibulal said.
In US dollar terms, its consolidated net profit rose marginally by 0.5% to $418 million in the April-June quarter this fiscal from $416 million in the same quarter of 2012-13.
Its consolidated revenues rose by 13.6% to $1.99 billion against $1.75 billion in the same period last year.
“We maintained our margins and continued making investments in the business. We have announced compensation increases for FY’14 effective July, which will affect our margins in the future quarters,” Infosys chief financial officer Rajiv Bansal said.
Reacting to the results, shares of the firm on Friday were trading 10.71% higher at Rs2,797.45 apiece in morning trade on the BSE. The stock rose 10.65% to Rs2,797.60 on the NSE.
It is ironic that the government has enacted an ordinance for food security and at the same time it is ignoring large scale diversification of agricultural land says the former secretary, EAS Sarma
EAS Sarma, former Secretary of the Government of India has raised his voice against large-scale diversion of agricultural land in different parts of the country. He suggested that necessary steps be taken on this serious issue without any delay as it can adversely affect food security.
Mr Sarma, in his letter to secretary of the ministry of agriculture suggested that, “The Planning Commission should have necessary vision to anticipate this worsening situation and under the business rules, the ministry of agriculture should take up this matter concerning land-use changes, evolve a national land-use policy and get it approved at the highest level. Every day’s delay will weaken India's agrarian economy that much.”
The Bill aims to provide subsidized rice, wheat and coarse cereals to 67% of the population. However, the consumption pattern across the country is different. In fact, some states like Rajasthan do not sell wheat in its PDS shops. In Jharkhand, the quantity of rice consumed by a rural BPL household is 3.6 times its consumption of wheat. By contrast, in Rajasthan foodgrain consumption under PDS almost entirely comprises of rice. (Read Food Security Bill: Who will plug the loopholes in PDS?)
However, according to Mr Sarma, “The food security of the country will be threatened as it adversely affects environment. It will also create food inflation, expensive food imports, turning small farmers into workers and urbanization of farmers for their livelihood, which can increase poverty, while many cultivators are forced to give up farming either due to uncertainties in water availability, increasing cost of inputs, or acquisition of lands for industry, including thermal power projects,” the former secretary said.
EAS Sarma emphasized the need of the ministry of agriculture to put in place a land-use policy to conserve agricultural land and factor the same into the ministry of environment and forest’s (MOEF) Environment Appraisal process for clearing projects. “A taluk-wise minimum threshold for agricultural land needs to be worked out,” he said.
Mr Sharma explained, “The ministry of agriculture should take note of this disturbing trend and go to the rescue of the dwindling agricultural lands in the country, Diversion of agricultural land will have the following adverse implication:
Mr Sharma, in his letter to the secretary of the ministry of agriculture shared the report on Tamil Nadu which explained how large scale agricultural land diversion adversely affected people of Tamil Nadu region the facts and figures shows…
The average size of landholdings in Tamil Nadu declined from 0.83 hectares in 2005-06 to 0.80 hectares in 2010-11. The number of cultivators declined by 8.7 lakh while the number of farm workers increased by 9.7 lakh between years of 2001and 2011.
“What happened largely in the Tamil Nadu’s fertile region Cauvery delta is a threat to food security of the region. It is unfortunate that due to unprofitable farming many cultivators are forced to give up farming and consequently sell their lands as an effect they are migrate to urban areas to become daily wage labors slum dwellers and some small farmers are selling their piece of land and becomes agricultural workers,” added by Mr Sarma.
He also enclosed another disturbing report on diversion of agricultural land around Hyderabad and the manner in which the prices of vegetables have doubled. The report gives facts to explain the reasons.
The report shows it happened due to many factors including change in crops as farmers are taking to cotton farming, but one of the main reason is less agricultural production due to diversion of agricultural land, the fast developing IT sector creates real estate boom in recent years around Hyderabad region as an effect, it leads to large scale diversion of agricultural land.
In the name of development lands were given to Special Economic Zones (SEZ). Cities also widened their boundaries many folds as many new residential and industrial developments took place in fertile agricultural land A total of 20lakh acres of agricultural land was lost due to diversion in past 10 years as Andhra Pradesh does not have a law in place against the sale of agricultural lands while, states such as UP, Maharashtra, Karnataka and Gujarat have.
“These reports relevant to Tamil Nadu and Andhra Pradesh must be valid for several other states. What these two reports describe represents only the tip of the iceberg of an agrarian economy that is facing a serious threat” said EAS Sarma.
While ignoring large-scale diversion of agricultural land and falling agricultural production, on the other hand president Pranab Mukherjee signed the ordinance on Friday on Food Security to give the nation’s two-third population the right to get 5 kg of food grain every month at highly subsidised rates of Re1-Rs3 per kg. The Food Security programme will be the biggest in the world with the government spending an estimated Rs125,000 crore annually on supply of about 62 million tonnes of rice, wheat and coarse cereals to 67% of the population. (Read President signs food security ordinance)
“What happened in Tamil Nadu and Andhra Pradesh is representative of the larger picture of displacement of agricultural communities all over the country. If the government fails to contain this trend by regulating undesirable changes in the pattern of land-use at the regional and sub-regional levels, we will soon confront a situation of moving away from self-sufficiency in agriculture towards dependence on food imports,” added by the former secretary.