Monday, May 2 2005 20:58 Hrs (IST) - World Time -

Bangalore: Infosys Technologies Ltd has marginally raised its earnings estimate in dollar terms for the current financial year due to a change in accounting requirements under US rules.

The Bangalore-based Infosys said in a filing to the US Securities and Exchange Commission that its earnings per American Depository Shares (ADS) has been revised to $ 1.95 to $ 1.98 compared with $ 1.92 to $ 1.95 announced on April 14.

Infosys has projected revenues of $ 2.04 billion to $ 2.07 billion in 2005-2006, a growth of nearly 38 per cent over $ 1.60 billion in 2004-2005.

"This outlook reflected a change of approximately $ 8 million in fiscal 2006 to account for the estimated impact under US GAAP of the mandatory adoption of the financial accounting standards board's share-based payment from July 1, 2005, the NASDAQ-listed Infosys said.

However, Infosys said there was no revision in the outlook of consolidated revenues under Indian accounting standards.

The SEC has said that the new accounting standards will be effective from April 1, 2006.