India’s software services darling Infosys Technologies reported its first billion-dollar revenues quarter.

Infosys announced solid results Thursday for its fiscal second quarter with net profits growing 18.4% while revenues rose 19%.

For the quarter ended September 30, 2007, Infosys’ net profit came in at Rs 1,100 crore on revenues of Rs 4,106 crore ($1.02 billion).

North America accounted for 62.6% of revenues and Europe for 27.4%.

By industry, insurance, banking and financial services remained the largest revenue segment with 36.5% of revenues coming from this group followed by telecom with 20.6%.

Infosys’ COO S.D.Shibulal said:

Pricing remained stable with an upward bias. We saw pricing go up by 1.9% this quarter.

The company’s top 10 clients accounted for 29.9% of revenues. Infosys executives said the company and its subsidiaries added 48 new clients in the September quarter.

Infosys declared an interim dividend of Rs 6 per share or 120% based on the par value of Rs 5 per share.

For the current quarter, Infosys expects revenues to rise 19.4%-19.8% and earnings per share to grow 14%.

Despite fine results, Infosys’ shares fell 7% to Rs 1,976 Rupees with investors disappointed that the profits had only met expectation and dissatisfaction over the company’s business outlook.

The company’s headcount stood at 80,501 on September 30, reflecting a net addition of 4,530 employees in the quarter.