Country's second-largest software exporter, Infosys Technologies reported 17.3 per cent rise in its net profit for the first quarter, showing better than expected performance given to the prevailing economic scenario. However, the Bangalore based firm lowered its revenue guidance for the current financial year despite signs of recovery of global and domestic market.

Company's net profit stood at Rs 1,527 crore for the first quarter as compared to Rs 1,302 crore in the same quarter last year. The firm expects revenue guidance for the fiscal 2009-10 in the range of Rs 21,416-21,747 crore, around 1.3 per cent lower that its earlier forecasts.

S. Gopalakrishnan the Chief Executive Officer of Infosys Technologies, said, "We believe that in the short term the global economic environment will continue to be challenging." He added that market recovery will take some time and the prevailing business environment will affect revenue guidance for the year.

Apurva Shah, head of research at brokerage, Prabhudas Lilladher, said, "Infosys has always been conservative and it has consistently been guiding lower than what can be achieved. Traditionally, they have always underpromised, but over-delivered."

Meanwhile, the company will distribute responsibilities of outgoing co-chairman Nandan M Nilekani among top brass of the company without appointed new co-chairman. Shares of the firm surged about 3 per cent and closed at Rs 1,726 on the Bombay Stock Exchange.