Bangalore: Beating market expectations, software major Infosys Technologies Ltd today reported a 39.23 per cent jump in net profit at Rs 388.34 crore during the first quarter ending June and forecast a higher revenue for the fiscal 2004-2005 driven by "positive demand for offshore services and a stable pricing environment".

The IT bellwether reported a net profit of Rs 278.92 crore during the first quarter last year.

The Nasdaq-listed Infosys, in a statement in Bangalore, reported revenue of Rs 1,517.38 crore in the first quarter, up by 38.61 per cent over Rs 1094.70 crore during the same period last year, beating its earlier guidance of 25 per cent growth.

"We have seen strong revenue growth during the quarter," Infosys president, Managing Director and CEO Nandan M Nilekani said. "Our robust and scaleable business model, along with our track record for superior execution, has enabled us to respond quickly to enhanced business opportunities in the market place," he said.

The company forecast 39 to 40 per cent growth for the fiscal year 2004-05 between Rs 6,731 crore and Rs 6,772 crore, improving upon its earlier guidance of 24 per cent growth between Rs 5,994 crore and Rs 6,041 crore. Earnings Per Share (EPS) for the year is projected at Rs 62.70.

Revenues for the second quarter ending September is expected to jump by 42 to 43 per cent between Rs 1,631 crore and Rs 1645 crore, while EPS is expected to be Rs 15.10.

"We continue to see a stable pricing environment," Infosys director and chief operating officer S Gopalakrishnan said.