During the first quarter itself, E-commerce projects contributed 6.4 per cent of the total revenue. Simultaneously, the share of Y2K business in the company's revenue has come down to about 12 per cent in the quarter compared to 24 per cent during the full year 1998-99.

The company has stated in a letter to its shareholders that its clients have renewed investments in new core business applications and are moving their organisations to the new Internet paradigm. The ``company has successfully managed its skill-sets to take advantage of these new opportunities, thereby positioning itself as a strategic partner of choice with both existingand new clients. 19 new clients were added in the quarter, including several leading Internet companies like Amazon.com and Value America. Revenue from E-commerce projects represented 6.4 per cent of revenues in the quarter.''About 77.4 per cent of Infosys's revenues come from North America and 16.4 per cent from Europe; India accounts for about one per cent.

The stock markets have been speculating for sometime on the prospects of the company bagging internet-related business. The company's ADRs on the Nasdaq had hit a high of $121. The Infosys scrip on BSE and the ADRs are on the move again. The ADRs jumped by $ 3.75 to $ 86.75 on Wednesday. Over the last couple of days, shares in the domestic markets have been keeping pace.

The company reported a total income of Rs 184.06 crore in the first quarter, a jump of about 87 per cent in the corresponding quarter of last year.

Exports income grew at a rate of 75 per cent. Net profit for the quarter grew at 156 per cent to Rs 60.61 crore, while operatingprofits increased by 147 per cent to Rs 77.93 crore.