Mumbai, Apr 15 (PTI and Agencies): In a major setback to Infosys Technologies, the company announced that Mohandas Pai, the member of board of the company has decided to resign.

After the resignation of Nandan Nikelani, this is the second biggest exit of a senior member from the company.

Adding to this K Dinesh, one of the founder members and member of board too has chosen to retire. Dinesh, member of the board and co-founder of the company, will retire by rotation at the annual general meeting of the company to be held on June 11, 2011.

K Dinesh has expressed his intention not to seek re-appointment. Dinesh was the head of quality, information systems and the communication design group at Infosys.

The Infosys stock price on Friday tumbled by 7.5% to Rs 3,057.

Meanwhile, Infosys -- India's second largest software services exports firm -- posted a net profit rise of 17.1% y-o-y to Rs 1,818 crore (Rs 18.18 billion) in its net profit for the fourth quarter ended March 31, 2011 as compared to Rs 1,600 crore (Rs 16 billion) in the corresponding quarter a year ago.

Also, the board has declared a final dividend of Rs 20 per share for the fiscal on every share of Rs 5 held.

However, analysts said the market was expecting 3.3-6.7% growth in Infosys' consolidated net profit between Rs 1,839.40 crore- Rs 1,899.20 crore in the quarter ended March 31.

Income from software services, products and business process management rose to Rs 7,250 crore for the fourth quarter from Rs 5,944 crore in the year-ago period, up 22%.

The company while announcing its third quarter results earlier had given Q4 revenue guidance in the range of Rs 7,157- Rs 7,230 crore, and anticipated revenue for the full year ending March 31, 2011, in the range of Rs 27,408-Rs 27,481 crore.

Reacting to the results announcement, the company shares were trading at Rs 3,062, down 7.38% over the previous close on BSE.

Further, as on March 31, 2011, cash and cash equivalents, including investments in available-for-sale financial assets and certificates of deposits was Rs 16,810 crore against Rs 15,819 crore as on March 31, 2010.

"We expect the demand environment to be normal this year for the industry. We have created a structure with strong customer driven vertical focus and have enhanced our investment to take advantage of the opportunities we see in the market," said Infosys CEO and Managing Director S Gopalakrishnan.

The company expects revenue in the range of Rs 7,311- Rs 7,382 crore for the quarter ending June 30, 2011, and in the range of Rs 31,727- Rs 32,270 crore for the financial year FY'12.

For the year ended March 31, the IT bellwether posted a consolidated net profit of Rs 6,823 crore, up nearly 10% over the year-ago period.

During the fiscal, income from software services, products and business process management rose to Rs 27,501 crore from Rs 22,742 crore in the previous fiscal (2009-10).

"We have realigned our strategic focus to enable our clients to build their enterprises of tomorrow. We continue to make investments towards strengthening our transformational, operational and innovation capabilities," Infosys Chief Operating Officer SD Shibulal said.

Infosys, which has Goldman Sachs,  BT Group and BP Plc among its clients, added 34 clients during the quarter.

At the end of March 31, the company had 1,30,820 employees, which includes a gross addition of 8,930 staff during the fourth quarter.